TUE APRIL 28 2026-theGBJournal| In the FGN bond market, investor sentiment was mixed on Monday. Trading activity turned largely bearish at the mid-segment, where average yields rose by 32bps. At the short end, gains were offset by the 17 Mar-27 maturity, which saw a yield surge of 217bps. Overall, the average yield edged up 3bps to 16.07% from 16.04%.
Meanwhile, the NTB secondary market retreated from its recent bullish trend, as average yields rose by 2.8bps to 17.50%. Notably, pressure on longer-dated bills (above 280 days to maturity) dampened gains across other tenors, with yields increasing by 8bps.
Nigeria’s Eurobond market saw a steady increase in trading activity despite persistent global uncertainty, with yields declining across most maturities. However, the March 2029 bond faced notable sell pressure, pushing its yield up by 4bps. Overall, average yields declined by 2.7bps.
The money market opened the week with the NOFR, Open Repo Rate, and Overnight Rate all at 22.00%. With rates unchanged from last week’s close, this reflects a reduction in competition for funding within the banking system, as liquidity strengthened by 0.84% to N4.00 trillion, up from N3.97 trillion.
Meanwhile, the naira at the Nigerian Foreign Exchange Market (NAFEM), depreciated by 0.43% to close at N1,364.24/US$.
The drop also highlights the market’s continued sensitivity to liquidity conditions and external factors, including global dollar strength and shifting capital flow dynamics.
Meanwhile, Nigeria’s external reserves extended their downward trend, declining to approximately $48.43 billion as of April 24.
In the commodities market, Brent crude prices edged lower, driven by profit-taking following recent gains. The decline was further supported by easing geopolitical tensions and lingering concerns over global demand.
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