FRI NOV 13 2026-theGBJournal| Nigeria’s Treasury bill yields edged lower in subdued secondary-market trading on Thursday, as investors remained cautious following Wednesday’s primary-market auction and ahead of the release of key inflation data.
Average yields on Treasury bills declined by 1 basis point to 17.8%, reflecting modest buying interest across the yield curve, while activity remained muted as market participants assessed prevailing liquidity conditions and awaited fresh economic signals.
Demand was relatively concentrated in short-, medium- and long-dated instruments, with yields across the three segments each declining by 1 basis point. The 91-day, 175-day and 357-day bills recorded corresponding yield contractions, pointing to broadly distributed but limited demand.
In contrast, yields in the Open Market Operations segment rose by 4 basis points to 18.5%, indicating a divergence in investor positioning across money-market instruments.
The subdued Treasury bill activity followed Wednesday’s auction by the Central Bank of Nigeria, with investors appearing reluctant to take significant positions ahead of the forthcoming inflation figures, which could influence expectations for monetary policy and fixed-income returns.
In the interbank market, overnight lending rates eased marginally by 1 basis point to 20.3%, despite the absence of significant liquidity inflows into the banking system, suggesting that funding conditions remained relatively tight.
The Federal Government of Nigeria bond market also lacked direction, with average yields unchanged at 16.0% as investors maintained a cautious stance.
Overall, trading reflected a wait-and-see approach across fixed-income markets, with limited movements in Treasury bills and bonds as investors positioned ahead of the next major macroeconomic data release.
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