Weekly Market Report: November17-21st, 2025
Fixed Income in Focus: The week opened quietly ahead of the October inflation print, with system liquidity surplus at c.₦1.3tn. Trading opened with mid-tenor bonds rallying after headline inflation fell to 16.08% (-197bps m/m), though profit-taking later in the week saw yields retrace by c.25bps into the close. In the T-bills market, activity was bullish […]
Weekly Market Report: November 10-14th, 2025
Fixed Income in Focus: The week opened with c.₦3.8tn in system surplus liquidity. In the NTB market, demand was skewed to the long end, with October and November bills trading below 15.50%. In the bond market, activity was broad-based, with bullish interest in the mid-tenor 33s, 32s, and 31s, which printed around c.15.20–15.50% from early […]
Weekly Market Report: November 3-7th, 2025
Fixed Income in Focus: The week opened liquid ₦3.09tn in anticipation of activity from the scheduled mid-week auctions. Early week activity saw buying interest in both bonds and T-Bills, with interest centered around the mid-tenor Bonds and the 1-year 22-Oct bill. Into the mid-week T-bill auction, the CBN announced an OMO issuance, lifting yields and […]
Weekly Market Report: October 27 – 31St, 2025
Fixed Income in Focus: The market opened in anticipation of the FGN bond auction, which cleared with aggressive demand c.4.9x cover and pushed marginal rates 16-35 bps below the previous auction. Secondary trading turned mixed thereafter, an early bullish tone in the mid-tenors (’32s/’33s) faded into a late-week bearish pullback as participants tested higher yield […]
Weekly Market Report: October 20-24th, 2025
Fixed Income in Focus: The week opened with a c.₦956bn liquidity surplus. The CBN issued about ₦827bn in OMO bills across tenors, clearing in a 21.73%–22.8% yield range on solid participation. Ahead of the mid-week NTB sale, profit-taking tilted bills bearish, with the 8-Oct trading near 15.60%. At auction, the long end cleared c.+37bps versus […]
Weekly Market Report: October 13 – 17th, 2025
Fixed Income in Focus: The week opened quietly with September CPI in view, and system liquidity sitting at ₦2.08tn. OMO bills set the early tone, with the 10-Mar and 21-Apr lines trading around 18.75% – 19.00%. Attention then shifted to NTBs as traders leaned for a softer CPI print; the 8-Octbill firmed to 15.55% ahead […]
Weekly Market Report: October 6-10th, 2025
Fixed Income in Focus: The week opened with heavy activity across local fixed income: the CBN issued about ₦3.2tn in OMO bills across tenors, closing in a 21.16%–21.54% yield range, driven by reinvestment demand and supported by ample liquidity. Attention shifted mid-week to the NTB auction, where the DMO brought its largest 364-day supply in […]
Weekly Market Report: Sep 29th – Oct 3rd, 2025
Fixed Income in Focus: The market opened quietly ahead of the scheduled FGN bond auction. The sale cleared with marginal rates on the reopened 2030s and 2032s down 195 bps and 180 bps from the previous auction respectively, as aggressive bidding (bid-to-cover ratio: 6.5x) sparked a bullish move across the curve. Treasury and OMO bills […]
Weekly Market Report MPC EDITION: September 22 – 26th, 2025
Fixed Income in Focus: The week opened on a quiet note, with bulk activity in the OMO market early on as investors positioned ahead of the MPC policy decision. The Committee cut the MPR by 50 bps to 27.00%, though the bond market showed little reaction as the move had largely been priced in beforehand. […]
Weekly Market Report: September 15 – 19th, 2025
Fixed Income in Focus: The week opened on a bullish tone following softer August inflation data, which set expectations for a dovish tilt at next week’s policy meeting. Sentiment carried into the NTB auction mid-week, where the stop rate on the 364-day bill dropped 91bps to 16.78% (20.15% eff.), confirming strong demand. Yields compressed across […]