SAT MAR 28 2026-theGBJournal| Nigeria’s fixed income market closed on a mixed note as Nigerian Treasury Bills (NTBs) yields ticked higher by 6 basis points to 17.8%, while Open Market Operation (OMO) yields declined sharply by 34 basis points to 20.3%, amid renewed demand in the secondary market, supported by the absence of long-dated OMO issuances at primary market.
Market analysts note that the renewed demand for OMO bills may be driven by attractive real returns and expectations of a more stable rate environment in the near term.
The contrasting movements highlight shifting liquidity dynamics and portfolio rebalancing by market participants.
Overall, the average yield across all instruments eased by 16bps to 18.9%. At Wednesday’s NTB PMA, the Debt Management Office (DMO) offered N400.00 billion, attracting strong demand of N2.89 trillion.
Total allotments came in at N520.67 billion across tenors, with stop rates on the 182-day and 364-day bills declining by 20bps apiece to 16.42% and 16.43%, respectively, while the 91-day bill held steady at 15.95%.
Meanwhile, the Central Bank of Nigeria (CBN) conducted two OMO auctions during the week, both significantly oversubscribed, reflecting robust system liquidity.
At the first auction, N600.00 billion was offered across the 8- and 113-day maturities, with allotments of N305.55 billion (8-day) and N2.04 trillion (113-day) at stop rates of 21.90% and 19.79%, respectively.
At the second auction, N600.00 billion was again offered, with N1.75 trillion allotted across the 33-, 75-, and 96-day instruments at stop rates of 21.57%, 119.75%, and 19.94%, respectively.
The uptick in NTB yields suggests mild selling pressure or supply-side adjustments, even as investors continue to weigh inflation expectations and monetary policy signals.
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