FRI JULY 24 2026-theGBJournal| Nigeria’s fixed-income market extended its bullish run on Thursday as stronger investor demand pushed Treasury bill and Federal Government bond yields lower, while money market conditions remained broadly stable.
The overnight lending rate eased by 2 basis points to 22.2%, reflecting the absence of significant funding pressures in the banking system and indicating comfortable liquidity conditions.
In the Treasury bills secondary market, renewed buying interest drove the average yield down by 4 basis points to 18.3%.
Across the curve, yields declined at the mid-tenor and long-tenor segments by 3 basis points and 7 basis points, respectively, as investors accumulated the 140-day and 231-day bills, whose yields fell 8 basis points and 31 basis points.
Yields at the short end were unchanged.
The bullish sentiment also filtered into the Open Market Operations (OMO) segment, where the average yield edged 1 basis point lower to 21.4%.
Federal Government bonds also attracted fresh demand, extending the rally in the secondary market.
The average bond yield fell 8 basis points to 17.2% as investors increased purchases of medium- and long-dated securities.
Across the bond curve, yields rose 5 basis points at the short end, reflecting profit-taking in the March 2027 bond, whose yield climbed 37 basis points.
However, stronger buying interest in the July 2034 and June 2038 bonds drove yields lower by 27 basis points and 48 basis points, respectively, pulling average yields in the medium- and long-term segments down by 17 basis points and 12 basis points.
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