THUR SEPT 24 2026-theGBJournal| Nigeria’s banking system expanded on Wednesday, with net liquidity settling at N3.99 trillion positive following Open Market Operation (OMO) maturities that injected additional funds into the system.
The overnight rate fell 51 basis points to 21.76%, while the Nigerian Overnight Financing Rate (NOFR) and Open Repo Rate (OPR) declined to 21.00% from 22.00%, following the Monetary Policy Committee’s decision on Tuesday.
The Treasury bill secondary market also traded bullishly, with the average yield falling 43bps to 18.4%.
Yields declined across the curve, by 1bp at the short end, 12bps in the mid segment and 100bps at the long end, driven by demand for the 85-day, 176-day and 253-day bills.
In the primary market, the Debt Management Office offered N600 billion across three Treasury bill tenors, attracting N4.23 trillion in demand — a 7.1 times bid-to-offer ratio.
The DMO allotted N497.58 billion, resulting in an 8.5 times bid-to-cover ratio.
Stop rates fell 80bps to 15.50% for the 91-day bill, 70bps to 15.80% for the 182-day tenor and 73bps to 15.89% for the 364-day bill.
The OMO segment also strengthened, with average yield declining 14bps to 20.0%.
In the FGN bond market, the bullish tone continued, with average yield falling 36bps to 15.9%.
Yields declined across the benchmark curve, by 43bps at the short end, 42bps in the mid segment and 27bps at the long end, led by demand for the February 2031, March 2036 and June 2038 bonds.
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