THUR JAN 22 2026-theGBJournal| The fixed income market capitalization grew by 0.03% to N1.58 trillion at close of trade on Wednesday as treasury yields traded flat.
The NTB secondary market traded with bearish sentiments as the average yield rose by 2bps to 18.15%.
Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments due to the demand for the 92DTM (-1bp) and169DTM (-1bp) bills, respectively, but expanded at the long (+4bps) end driven by sell pressures on the 323DTM (+48bps) bill. Similarly, the average yield expanded by 6bps to 22.4% in the OMO segment.
At Wednesday’s NTB primary market auction, the Debt Management Office (DMO) offered N1.15 trillion in bills, with total subscriptions reaching N3.44 trillion (bid-to-offer: 3.0x).
Eventually, the DMO allotted N1.06 trillion at the auction (bid to cover: 3.2x), with stop rates rising across the 91 Day bill (+4bps to 15.84%) and 182 Day bill (+15bps to 16.65%).
Meanwhile, the stop rate pared on the 364 Day bill (-11bps to 18.36%).
The fixed income
Elsewhere, the FGN bond secondary market traded on a quiet note as the average yield closed flat at 16.65%.
Across the benchmark curve, the average yield expanded at the mid (+4bps) segment due to profit-taking activity on the JUN-2033 (+14bps) bond, but contracted at the long (-1bp) end, following buying interest in the JUN-2053 (-9bps) bond. The average yield closed flat at the short end.
The overnight lending rate expanded by 9bps to 22.8%, following debits from the OMO PMA (N2.64 trillion).
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