…The overnight lending rate expanded by 6bps to 22.3% in the absence of any significant inflow into the system.
THUR MAR 26 2026-theGBJournal| Nigeria’s fixed income market delivered a mixed performance on Wednesday as Treasury bills yields remained largely unchanged, reflecting a pause in investor repositioning at the short end of the curve.
Market participants maintained a cautious stance, with subdued activity suggesting a wait-and-see approach ahead of potential policy cues and upcoming primary market auctions.
The NTB average yield remained unchanged at 17.8%.
Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments due to the demand for the 85DTM (-1bp) and 176DTM (-1bp) bill, respectively, but expanded at the long (+1bp) end due to profit-taking activities on the 358DTM (+19bps) bill.
Elsewhere, the average yield contracted by 1bp to 20.4% in the OMO segment.
In contrast, yields on Federal Government of Nigeria bonds (FGN Bonds) declined by 6 basis points to 14.7%, indicating renewed demand for longer-duration instruments.
Across the benchmark curve, the average yield contracted at the short (-3bps), mid (-1bp), and long (-11bps) segments following the demand for the FEB-2028 (-15bps), APR-2032 (-5bps) and MAR-2036 (-86bps) bonds, respectively.
The dip in bond yields points to selective buying interest from institutional investors seeking to lock in relatively attractive returns amid moderating inflation expectations.
Meanwhile, The overnight lending rate expanded by 6bps to 22.3% in the absence of any significant inflow into the system.
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