Financial Guardrails: Mixed Yields, Inflation Split and Global Tightening Bias
The fixed-income secondary market delivered a mixed performance over the week. T-bills attracted strong demand across several maturities, particularly observed at the 1-year (06-May-27, 17-Dec-26, and 23-Jul-26) bills, while pockets of selling interest emerged in select tenors, including the 25-Mar-27, 03-Dec-26, and 21-Jan-27 bills.
Cautious Resilience Amid Liquidity Support and Global Volatility
The secondary market traded mixed but mildly bullish. Yields briefly rose toward 17.00% on sell pressures before easing to around 16.85%–16.95% on select FGN bonds, as demand improved. T-bills yields moderated toward the 15.80%–16.10% range after the bullish NTB auction outcome, while selective buying interest supported lower yields across key 2027–2035 bond maturities…
Navigating the Barbell: Liquidity Surfeits Amidst Macroeconomic Contraction
The secondary market trading was range-bound but uneven. T-bills held around 16.47%–16.50% as selective buying (Jun-26, Nov-26, Feb-27) met profit-taking, keeping yields anchored. OMOs stayed elevated at ~19.80%–20.40%. FGN bond yields drifted up into the high-16s, led by selling in the 2031–2034 belly, while demand in 2027–2030 and the long end tempered the bearish move…
Nigeria’s Resilience: When Liquidity Meets Discipline
Money market rates were relatively stable, with the Open Repo Rate (OPR) steady at 22.00%, while the Overnight rate (O/N) opened at 22.23%, peaked at 22.29% before closing at 22.20%. In the currency market, Naira traded between $/₦1,340.00 and $/₦1,361.50, before closing at $/₦1,358.44 on Friday.
Nigeria’s Liquidity-Driven Stability Meets Inflation Repricing
The Nigerian financial markets traded through a week defined by resilient liquidity despite inflation-led repricing pressures and cautious risk-taking across asset classes. Interbank liquidity remained structurally strong, easing from a ₦4.79trn surplus to ₦3.84trn (-22.7% WTD), while money market rates stayed anchored with OPR steady at 22.00% and O/N oscillating around 22.16%–22.35%, reflecting sustained CBN liquidity sterilisation.
Nigeria’s Fixed Income and Equity Markets Consolidate Despite Global Volatility
Even as the Naira strengthened and equities edged higher, the message across markets was consistent, thereby illustrating a cycle that is no longer a panic-driven cycle, but one cautious repositioning, and capital is not fleeing risk, but repricing it with precision.
Nigeria’s Fixed Income and Equity Markets Weather Global Volatility
Nigeria’s foreign reserves declined further from the end of March 2026 to April 1, 2026, easing from $49.48 billion to $49.18 billion, with a gross amount of approximately $300.34 million (-0.61%). Blocked funds mirrored the easing from $751.41 million to $743.14 million (-1.11%), and a blocked reserve ratio of 1.51%, displaying heightened external shocks and FX liquidity pressure.