THUR NOV 05 2026-theGBJournal|Nigeria’s money market liquidity moderated on Wednesday, contracting from the previous session’s year-high to a net positive ₦7.58 trillion.
Despite the decline in system liquidity, the Overnight (O/N) rate held steady at 20.20%. The Open Repo rate and Nigerian Overnight Financing Rate (NOFR) also remained unchanged at 20.00%.
The Federal Government of Nigeria (FGN) bond market remained subdued for a second consecutive session, with the overall average yield unchanged at 16.36%. However, the stability masked upward pressure at the short end of the curve, where yields rose by an average of 40 basis points (bps).
In contrast, the Treasury bills secondary market maintained a bullish tone, with the average yield declining by 2bps to 17.90%.
Across the curve, yields contracted by 1bp at the short end and 4bps at the long end, supported by demand for the 93-day and 176-day bills, respectively. Yields at the mid-segment remained unchanged.
Similarly, average yields in the Open Market Operations (OMO) segment declined by 2bps to 18.60%.
At Wednesday’s NTB primary market auction, the Debt Management Office (DMO) offered ₦800.00 billion across the three tenors, attracting total subscriptions of ₦2.05 trillion, representing a bid-to-offer ratio of 2.6x.
The DMO allotted ₦509.40 billion, with the auction recording a bid-to-cover ratio of 4.0x. Stop rates remained unchanged at 15.40%, 15.79% and 15.80% for the 91-day, 182-day and 364-day instruments, respectively.
Meanwhile, Nigerian Eurobonds extended their positive performance across the curve, with the average yield declining by 9bps to 7.10%, from 7.19% in the previous session.
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