FRI SEPT 04 2026-theGBJournal| Nigeria’s fixed-income market delivered a mixed performance, with strong demand for Treasury bills pushing yields lower across the curve, even as the FGN bond market showed a slight bearish bias.
Meanwhile, the overnight lending rate edged higher amid the absence of significant system liquidity inflows.
The overnight lending rate rose by 2 basis points to 22.2%, reflecting relatively tight liquidity conditions in the absence of any significant inflows into the system.
In the Treasury bill secondary market, trading remained bullish, with the average yield contracting by 3bps to 18.8%.
Across the curve, yields declined at the short, mid and long segments by 2bps, 3bps and 5bps, respectively.
The movements were driven by demand for the 84-day-to-maturity (DTM) bill, whose yield fell by 2bps; the 182DTM bill, which declined by 11bps; and the 343DTM bill, which dropped by 27bps.
The bullish tone extended to the Open Market Operations (OMO) segment, where the average yield contracted by 2bps to 20.6%.
The FGN bond secondary market, however, traded on a relatively quiet note with a bearish tilt, as the average yield expanded by 1bp to 16.5%.
Across the benchmark curve, the short-end yield rose by 5bps, driven by sell-offs in the April 2029 bond, whose yield jumped by 20bps.
The mid and long segments moved in the opposite direction, with average yields contracting by 3bps and 4bps, respectively.
The declines were supported by buying interest in the January 2035 and June 2038 bonds, whose yields fell by 12bps each.
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