SAT OCT 18 2025-theGBJournal| The Nigerian fixed income market capitalization dipped slightly by close of trade Friday, dropping 0.11% to N51.45 trillion.
A total of 448,601 units valued at N381.846 million were traded in 46 deals compared with a total of 984,209 units valued at N883.357 million transacted last week in 28 deals.
The FGN bond secondary market traded mixed, as the average yield declined by 1bp w/w to 16.0%.
Across the curve, the average yield declined at the mid (-3bps) and long (-1bp) segments following demand for the MAR-2035 (-3bps) and JUN-2038 (-21bps) bonds, respectively, while it increased at the short (+3bps) end driven by sell pressures on the JAN-2026 (+16bps) bond.
Also, the Debt Management Office (DMO) released the Q4-25 bond issuance calendar, reopening the AUG-2030 and JAN-2032 bonds, respectively, and aiming to raise approximately N300.00 billion in October.
Analysts expect yield movement to be determined by the interplay of the dovish policy tilt, strong system liquidity and demand-supply mechanisms, given the strong supply by the DMO.
Similarly, the Treasury Bills secondary market was bullish for most of the week but tilted bearish following liquidity pressures on the last trading day.
Consequently, the average yield increased by 53bps w/w to 19.4%. By segment, NTB yields tapered by 1bp to 17.4%, while OMO yields increased by 105bps to 21.6%.
Meanwhile, the OVN rate expanded by 10bps to 25.1% following a lower liquidity open at the end of the week.
That said, the system’s net long position declined to an average of N1.88 trillion (vs. N3.82 trillion in the previous week).
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
