Nigeria’s Treasury bills market closed relatively unchanged on Thursday, as mixed trading patterns kept average yields stable across the curve. Portfolio adjustments by investors produced only marginal movements, even as changes were recorded at specific maturities.
Investor appetite for naira-denominated assets has increased since the Central Bank of Nigeria held the Monetary Policy Rate at 27%, a decision aimed at using high interest rates to drive down inflation, which currently stands at 16.05%. With real returns on fixed-income assets hovering around 11%, Nigerian debt instruments continue to draw strong interest.
According to MarketForces Africa, last week’s midweek auction saw the CBN maintain the 91-day Treasury bill rate at 15.30%, while the 182-day tenor cleared at 15.50%. For the 364-day maturity, investors secured a spot rate of 16.04%.
CardinalStone Securities Limited reported a slight bullish tone at the short and mid sections of the yield curve, with both segments dropping by 1 basis point. However, selling pressure on the longer-tenor 19-November bill pushed its yield higher by 8 basis points.
Trading diminished somewhat due to softer system liquidity, focusing activity primarily on short- and long-dated bills. The 19-February 2026 bill saw its rate dip by 3 basis points to 15.45%, while the 19-November 2026 maturity moved up by 7 basis points to 16.09%.
Other maturities experienced little change, leaving the overall average discount rate unchanged at 16.85%. In the OMO segment, yields climbed significantly, with the average rising by 42 basis points to 21.9% as investors reduced positions through secondary market trades.
