SAT JULY 18 2026-theGBJournal| The Treasury bills secondary market traded on a bullish note Friday, with average yields across all instruments contracting by 19bps to 19.5%.
By segment, average yield in the NTB secondary market contracted by 11bps to 18.4%, as unmet auction demand trickled into the secondary market.
Similarly, the average yield in the OMO secondary market fell by 8bps to 21.5% following continued offshore interest.
At Wednesday’s NTB auction, the Debt Management Office (DMO) offered N600.00 billion across tenors, with total demand reaching N3.03 trillion.
Ultimately, the DMO allotted N1.19 trillion. Stop rates contracted by 4bps to 17.66% for the 364-day tenor, while the 91-day and 182-day tenors remained unchanged at 16.30% and 16.50%, respectively.
Elsewhere, the Central Bank of Nigeria (CBN) conducted two OMO PMAs during the week as part of its liquidity management operations.
At Monday’s auction, the CBN offered N600.00 billion across tenors, with total subscriptions reaching N2.55 trillion, all of which was allotted. Stop rates settled at 21.89%, 20.49%, and 20.17% for the 8-, 99-, and 127-day tenors, respectively.
At Tuesday’s auction, the CBN again offered N600.00 billion, attracting total subscriptions of N1.15 trillion, which were fully allotted. Stop rates settled at 21.90%, 20.79%, 20.18%, and 20.15% for the 7-, 70-, 126-, and 133-day tenors, respectively.
The FGN bond secondary market traded on a bullish note, contracting by 2bps to 17.6%. Across the benchmark curve, the average yield contracted at the short (-17bps) and mid (-3bps) segments due to demand for the MAR-2027 (-42bps) and APR-2029 (-16bps) bonds , respectively, while it expanded at the long (+13bps) end due to selloffs of the MAR-2050 (+52bps) bond.
The OVN rate contracted by 10bps w/w to 22.1%, despite liquidity pressures from OMO PMA debits (N3.70 trillion) and net NTB allotments (NGN1.19 trillion) offsetting inflows from OMO maturities (N2.97 trillion).
Nonetheless, following increased placements at the CBN SDF window, which averaged N4.54 trillion (prior week: N3.52 trillion), average system liquidity strengthened to a net long position of N4.44 trillion, from N4.10 trillion in the previous week.
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