Nigeria’s Treasury Bills (T-bills) market maintained a stable performance on Wednesday as the average yield dipped marginally by one basis point to 17.39%, continuing its bullish momentum in the secondary market.
According to data from Meristem Securities Limited, the yield drop was broad-based across most maturities except for the June 2026 paper, which experienced mild selling pressure that pushed its yield higher by 12 basis points.
Analysts at CardinalStone Securities Limited noted that the modest yield contraction—averaging about 1bp across several maturities—was driven by investor bargain-hunting following recent adjustments in spot rates at last week’s auction. However, this was offset by an 11bps rise on the 04-Jun note, resulting in a flat closing yield.
Cordros Securities Limited reported that yields declined slightly across the short (-1bp) and mid (-1bp) segments, reflecting sustained demand for shorter-dated maturities of 85 and 176 days to maturity, respectively. The long end of the curve remained flat amid low activity.
Conversely, yields in the Open Market Operations (OMO) segment expanded by 10bps to close at 22.0%, as investors repositioned ahead of fresh central bank issuances.
Market experts believe the current yield trend reflects investors’ cautious optimism, balancing attractive short-term returns against Nigeria’s high inflation rate, which continues to erode real investment gains.
Despite softer trading volumes, analysts maintain that demand for short-term instruments remains resilient as investors seek stability in an uncertain macroeconomic environment.
 market maintained a stable performance on Wednesday as the average yield dipped marginally by one basis point to 17.39%, continuing its bullish momentum in the secondary market.){kind=link}