Weekly Market Report MPC Edition: July 25th, 2025
Fixed Income in Focus: The week opened with dampened demand across the curve, due to negative liquidity, and CBN’s MPC meeting. NTB activity increased as investors repositioned before the midweek auction. The benchmark 365-day bill extended its bearish trend, shedding 42bps as the CBN stuck to its planned issuance size. Activity in the bond market […]
Weekly Market Report: July 18th, 2025
Fixed Income in Focus: The week opened on a bearish note as system liquidity printed at ₦–280bn, prompting a slight rebound in rates across the curve. Midweek, however, sentiment shifted following the June CPI release, which eased by 75bps to 22.22%, reinforcing dovish expectations ahead of next week’s MPC meeting. This drove renewed bullish positioning, […]
Weekly Market Report: July 11th, 2025
Fixed Income in Focus: The week opened positive with ₦275bn in system liquidity and a bullish tone. The CBN’s mid-week OMO auction saw ₦1.25tn sold at over 200bps below prior stop rates, followed by an NTB auction that also cleared sharply lower +200bps across tenors reinforcing a dovish shift in yield expectations. Demand spilled into […]
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 […]