Weekly Market Report: January 26 – 30th, 2026
Fixed Income in Focus: The week opened with net liquidity of ₦3.9tn, setting the stage for a bullish bond auction that drew broad-based demand across tenors, with a 2.5x cover. Post-auction, the bond market rallied, with reopened mid-tenors (5–10yr) executing around 16.55–16.80% by close. The Treasury Bill market remained firm, with the 21-Jan issue trading […]
Weekly Market Report: February 2nd – 6th, 2026
Fixed Income in Focus: Markets opened the week with system liquidity firm at ₦596bn and bullish activity evident across the curve. The Treasury bills space saw muted participation ahead of the mid-week auction, which cleared bullish (-137bps vs. previous auction) with heavy demand on the 364-day bill (5.5x cover). Post-auction unmet demand spilled into the […]
Weekly Market Report: January 12 – 16th, 2026
Fixed Income in Focus: The week opened with robust activity across the curve, supported by firm system liquidity of c.₦1.47tn. With no scheduled auctions, trading was driven by secondary market flows and mid-week CPI, which printed 15.15% (down 218bps vs Nov on the post-rebase series). The T-bill market started the week on a bullish footing, […]
Weekly Market Report: January 5 – 9th , 2026
Fixed Income in Focus: The week opened with surplus system liquidity of c.₦3.4tn amid muted trading and no update on the Q1 auction calendar. Early flows were mixed, with the 17-Dec, 10-Dec and 19-Nov NTBs trading around 16.30–16.60%. Mid-week, the DMO issued an auction notice indicating a 65.2% increase in supply versus the prior auction, […]
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 […]