TUE AUG 26 2025-theGBJournal| The Nigerian Autonomous Foreign Exchange Market (NAFEM) reference rate depreciated marginally Tuesday by 0.2% to N1,537.50/US$1 from 1,534.50/US$1.
However the currency is seen to be broadly stable, trading within the current range, underpinned by sustained FX inflows and CBN support.
At the fixed income market, the FGN bond secondary market traded on a bearish note, as the average yield expanded by 9bps to 16.6%.
Across the benchmark curve, the average yield expanded at the short (+27bps) and mid (+5bps) segments, driven by profit-taking activities on the FEB-2028 (+113bps) and the APR-2032 (+19bps) bonds, respectively.
The average yield remained unchanged at the long end.
The NTB secondary market also traded on a bearish note as the average yield expanded by 9bps to 18.5%.
Across the curve, the average yield contracted at the short (-1bp) end, driven by demand for the 86DTM (-1bp) bill, but expanded at the mid (+21bps) and long (+9bps) segments, driven by the selloffs of the 100DTM (+66bps) and 359DTM (+21bps) bills, respectively.
Conversely, the average yield contracted by 1bp to 25.4% in the OMO segment.
Meanwhile, fixed income market capitalization fell 0.01% to N50.92 trillion
The overnight lending rate expanded by 4bps to 27.0%, despite inflows from OMO maturities (N758.00 billion).
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