WED NOV 04 2026-theGBJournal| The Nigerian banking system recorded a significant liquidity boost on Tuesday, with net liquidity surging to a year-to-date high of ₦9.96 trillion, supported by substantial inflows from Open Market Operations (OMO) repayments.
The improved liquidity position eased overnight funding pressures, pushing the Overnight (O/N) rate down 5 basis points (bps) to 20.20%. Meanwhile, the Open Repo rate and Nigerian Overnight Financing Rate (NOFR) remained unchanged at 20.00%.
Trading in the Treasury bills secondary market remained subdued, with the average yield unchanged at 17.9%.
Across the curve, yields presented a mixed performance. The mid- and long-end segments contracted by 1bp and 2bps, respectively, supported by demand for the 177-day-to-maturity (DTM) bill, which declined 1bp, and the 338DTM instrument, which shed 16bps.
However, the short-end segment bucked the trend, with average yields expanding 4bps amid selloffs in the 65DTM bill, whose yield climbed 41bps.
In the OMO segment, selling pressure pushed the average yield 1bp higher to 18.6%.
Activity in the Federal Government of Nigeria (FGN) bond secondary market was largely muted, with investors maintaining a cautious stance. Consequently, the average bond yield remained unchanged at 16.2%.
Nigeria’s Eurobond market extended its bullish run, as sustained investor demand supported prices across the curve.
The buying interest translated into a 2bps decline in the average yield to 7.19%, from 7.21% in the previous session, reinforcing the positive momentum in the sovereign dollar-denominated debt market.
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