TUE OCT 20 2026-theGBJournal| The banking system commenced the week with net positive liquidity of ₦4.04 trillion, despite inflows from primary market repayments.
Meanwhile, the Overnight (O/N) rate increased by 6 basis points to close at 20.44%. The Open Repo Rate and Nigerian Overnight Financing Rate (NOFR) remained unchanged at 20.00%.
FGN Bonds: Yields Rise Across the Curve
Negative sentiment persisted in the Federal Government of Nigeria (FGN) bond market, reflecting selling pressure across most maturities.
Yields increased by 8.2 basis points at the short end of the curve, 3 basis points in the mid-term segment, and 20 basis points at the long end.
Consequently, the average bond yield rose by 8 basis points to 16.42%, from 16.34% in the previous session.
Treasury Bills: Mild Buying Interest Supports Yields
In contrast, Nigerian Treasury bills commenced the week on a positive note, as buying interest across most maturities supported market sentiment.
The average Treasury bill yield declined marginally to 17.81%, from 17.83% in the previous session.
Eurobonds: Yields Edge Higher
Nigeria’s Eurobond market weakened across the curve during the session.
Consequently, the average Eurobond yield increased by 4 basis points to 7.40%, compared with 7.37% in the previous session.
Foreign Exchange: Naira Depreciates
The naira depreciated against the US dollar, with the USD/NGN exchange rate rising by 0.15% to close at ₦1,333.72 per dollar.
External Reserves: Marginal Decline Recorded
Meanwhile, Nigeria’s external reserves declined marginally by 0.01% to $55.09 billion as of October 15, 2026.
The decline was attributed to rising foreign exchange outflows, marking the first notable reduction in a while.
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