SAT NOV 22 2025-theGBJournal| The FGN bond secondary market closed the week bullish, driven by heavy demand at the tail of the curve, with market focused on the upcoming Monetary Policy Committee (MPC) meeting, which is expected to signal the stance of monetary policy and guide investor sentiment.
The average yield declined by 9bps w/w to 15.5%. Across the curve, the average yield increased at the short (+4bps) and mid (+6bps) segments following selloffs of the JAN-2026 (+32bps) and JUL-2034 (+17bps) bonds, respectively.
The yield decreased at the long (-39bps) end driven by demand for the APR-2049 (-44bps) bond.
Notably, the Debt Management Office (DMO) revised the November and December calendars, doubling the amount on offer to N250.00 billion (Previous: N160.00 billion) per instrument, resulting in a total of c. N500.00 billion offered in each month.
Cordros Research analysts in a note to the theG&BJournal, say looking ahead, trading in the FGN bond secondary market is likely to be influenced by Monday’s FGN bond auction (24 October), where the DMO will reopen the AUG-2030 and JUN-2032 bonds with increased supply.
”However, the broader direction of the market will largely depend on the outcome of the upcoming MPC meeting, which is expected to signal the stance of monetary policy and guide investor sentiment.”
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