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 […]
Weekly Market Report: April 25th, 2025
Fixed Income in Focus: The banking system opened the week liquid at ₦374 billion, rising by ₦1.4 trillion to close the week at ₦1.7 trillion. The NTB secondary market saw balanced sell-offs as investors repositioned ahead of Wednesday’s auction, which cleared at significantly lower stop rates. The bond market stabilized, with the 2031s and 2033s […]
Weekly Market Report: April 17th, 2025
Fixed Income in Focus: Liquidity opened at ₦290 billion but declined by ₦393 billion, closing in a ₦103 billion deficit, mainly due to FX settlements late in the week. The secondary market for NTBs and FGN bonds was active, with a recovery seen as yields eased from the previous week. The 2031 and 2033 bonds […]
Weekly Market Report: April 11th, 2025
Fixed Income in Focus: Liquidity opened at ₦906bn and closed the week at ₦303bn. The market remained largely offered, weighed down by geopolitical tensions and a delayed auction notice. Yields rose early in the week, with OMO bills reaching 24%, while FPI sell pressure drove NTB yields above previous stop rates. Despite strong demand, the […]
Weekly Market Report: March 21, 2025
Fixed Income in Focus: Liquidity deficit worsened by ₦1.2tn, closing at ₦1.9tn and marginally pushing yields higher. NTB activity started slow, with pockets of demand. But tight liquidity and excess supply signaled rising yields, prompting heavy offloading ahead of Wednesday’s auction, where 364-day NTB stop rates rose by 155 bps compared to previous auction. Bonds […]