WED AUG 12 2026-theGBJournal| The Treasury bill market turned bearish Tuesday, with average yields rising 5 basis points ahead of today’s N700 billion NTB auction, as investors increased selling pressure across the curve.
Across the curve, the average yield expanded at the short (+1bp) and mid (+16bps) segments driven by sell pressures on the 86DTM (+21bps) and 128DTM (+59bps) bills, respectively, but closed flat at the long end.
Likewise, the average yield expanded by 2bps to 21.4% in the OMO segment.
The DMO is offering N100 billion each on the 91-day and 182-day bills and N500 billion on the 364-day tenor at today’s auction, with the heavy long-dated offering likely to shape market direction.
The FGN bond secondary market traded on a bearish note also as the average yield expanded 10bps to 16.7%.
Across the curve, the average yield expanded at the short (+22bps), mid (+4bps) and long (+3bps) segments, driven by selloffs of the MAR-2027 (+133bps), MAR-2036 (+12bps) and JUN-2038 (+23bps) bonds, respectively.
The overnight lending rate held steady at 22.1% despite N2.48 trillion in OMO maturities entering the system.
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