Weekly Market Report: December 29 – Jan 2nd, 2026
Fixed Income in Focus: The week opened quietly, with system liquidity anchored at a ₦4.02tn surplus amid a shortened trading week into year-end. OMO activity led the tone, with 168- and 210-day bills (02-Jun and 21-Jul) trading at 18.95–19.05% ahead of the CBN’s early-week OMO auction. The CBN reissued similar tenors (16-Jun and 28-Jul) and […]
Weekly Market Report: December 22 – 24th, 2025
Fixed Income in Focus: The week opened quietly amid shortened trading days(Mon-Wed) due to the seasonal holidays, with system liquidity ample at ₦2.15tn. The CBN conducted an early-week OMO auction which closed with a strong 2.88x total cover, as stop rates on the 162-day and 211-day OMO bills printed at 19.38% and 19.42%, respectively. Post-auction, […]
Weekly Market Report: December 15 – 19th, 2025
Fixed Income in Focus: The week opened with surplus liquidity of ₦2.58tn ahead of the early-week FGN bond auction (2030s and 2032s re-openings), which cleared +130bps above previous marginal rates but below forecast, printing 1.56x and 1.48x cover. Monday’s inflation print showed a continued disinflation trend, with November headline CPI easing 160bps to 14.45%, supporting […]
Weekly Market Report: December 8 – 12th, 2025
Fixed Income in Focus: The week opened firm, with system liquidity at c.₦3.6tn, even as bearish sentiment dominated early activity. In the Treasury market, profit-taking ahead of the mid-week NTB auction drove early positioning; the auction cleared at 1.05x cover, with the long end c.+45bps higher versus previous stops (actual < forecast). Post-auction, sentiment turned […]
Weekly Market Report: December 1 – 5th, 2025
Fixed Income in Focus: The week opened with sentiment skewed bearish despite net system liquidity firm at c.₦2.19tn. The T-bills market began on a softer note, with the 19-Nov bill pulling back c.15bps ahead of the mid-week auction, which cleared 146bps above previous stop rates on the long end at an overall bid-to-cover of 1.11x. […]
Weekly Market Report MPC EDITION: November 24-28th, 2025
Fixed Income in Focus: The week opened on a mild note with surplus liquidity of about c.₦1.2tn, as attention centered on Monday’s FGN bond auction, which cleared 11.5bps and 15bps higher on the reopened 2030s and 2032s at an overall cover of 1.13x. At Tuesday’s 303rd MPC meeting, the CBN left the MPR unchanged at […]
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 […]