Weekly Market Report: July 4th, 2025
Fixed Income in Focus: The week opened with a ₦771bn CBN OMO auction, clearing at 23.99% on the long end. Liquidity opened strong at ₦1.28tn but dropped to ₦588bn post-auction. Despite this, rate on the longer date issue fell by ~124bps signalling bullish sentiment and firm demand Mid-week activity slowed briefly as markets adjusted to […]
Weekly Market Report: June 27th, 2025
Fixed Income in Focus: The week opened with the FGN bond PMA, where strong demand and tight allotments across the Apr 2029 and new Jun 2032 sparked profit-taking. This set a bearish tone, with yields initially declining before rebounding mid-week, particularly across the mid-curve. In the NTB space, the long-end paper dropped 50bps before closing […]
Weekly Market Report: June 20th, 2025
Fixed Income in Focus: The CBN issued ₦600bn in OMO bills, clearing at 24% levels and maintaining status as the market’s highest-yielding instruments. NTB demand was muted, with the new 364-day bill pricing 51bps lower and closing at 18.10% driven by preference for OMO and a softer inflation outlook, as May CPI fell 74bps to […]
Weekly Market Report: June 16th, 2025
Fixed Income in Focus: The market reopened in a net liquid position of ₦420 billion after the extended break. Activity resumed with strong interest in the newly issued 4th June NTB, supported by expectations of inflows from maturing bills. OMO momentum continued, with the 20th January bill among the most traded, closing at a 27.05% […]
Weekly Market Report: June 10th, 2025
Fixed Income in Focus: The week opened with a strong OMO auction, where the CBN matched demand at ₦1.5 trillion. NTB demand was also robust, but issuance remained tight, reinforcing the shift toward OMOs. Unmet demand at the NTB auction spilled into the secondary market, driving rates on the longer dated NTB to 18.80% post […]
Weekly Market Report: May 30th, 2025
Fixed Income in Focus: The week in view saw a wave of short to long-dated securities, met with solid demand. Yields continued to edge lower as aggressive bidding continued, pointing to a lasting shift in investor preference toward the long end of the curve. The trend has persisted through the month, backed by strong liquidity […]
Weekly Market Report: May 23rd, 2025
Fixed Income in Focus: Week under review saw significant demand on long dated OMO and NTB maturities buoyed by strong system liquidity and issuance of only mid tenured OMO bills. In addition to this, NTB auction during the week saw a decline in marginal rates by 7bps from the previous auction despite the MPC maintaining […]
Weekly Market Report MPC Edition: May 16th, 2025
Fixed Income in Focus: System liquidity opened at ₦293bn following CRR debit. The NTB market started quietly, with offers seen across the curve and limited buying interest, though some trades were recorded on the 22 Jan and 5 Mar bills. On the OMO side, demand was concentrated at the long end, with the 31 Mar […]
Weekly Market Report: May 9th, 2025
Fixed Income in Focus: System liquidity opened strong at ₦1.29 trillion, supported by NTB and OMO maturities. FGN bonds and OMO bills saw firm activity, with the 2031s and 2033s actively traded and the 10 March OMO bill at 22.45 %. Back-to-back OMO and NTB auctions led to some profit-taking, though the NTB auction cleared […]
Weekly Market Report: May 2nd, 2025
Fixed Income in Focus: The banking system opened the week with a positive liquidity balance of ₦1.6 trillion, holding steady throughout. Monday’s bond auction reopened the Apr 2029s and May 2033s. Though some expected higher stop rates in line with OMO yields, the auction cleared flat, falling short of expectations. Post-auction, the May 2033s led […]