FRI AUG 07 2026-theGBJournal| Nigeria’s money-market conditions strengthened marginally on Thursday, while sentiment across fixed-income assets remained mixed, with demand concentrated in shorter-dated Treasury bills but renewed selling pressure emerging further along the curve.
The overnight lending rate declined 2 basis points to 22.1%, reflecting the absence of significant funding pressures in the banking system.
In the Treasury bill secondary market, the average yield fell 1 basis point to 18.1%, signalling a mildly bullish tone.
The rally, however, was concentrated at the short end. Average yields declined 7bps there, led by strong demand for the 84-day-to-maturity (DTM) bill, whose yield fell 38bps.
By contrast, yields at the mid and long ends rose 1bp and 2bps respectively, as investors sold the 175-DTM (+38bps) and 301-DTM (+18bps) bills.
The OMO market moved in the opposite direction, with average yields rising 2bps to 21.4%, pointing to firmer pricing for liquidity-management instruments.
The FGN bond market was quieter but retained a bearish bias.
Average yields rose 1bp to 16.6%, with selling pressure at both the short and long ends pushing yields up 2bps each.
The February 2031 bond yield increased 3bps, while the June 2038 bond rose 6bps. The mid-curve was unchanged.
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