Nigerian T-Bills Yield Slides as Investors Boot Holdings
The average yield on Nigerian Treasury bills slipped by 3 basis points in the secondary market as investors showed interest in the naira asset.
The fixed-income market opened positively as excess funds in the financial system continue to chase higher returns in investment securities.
Asset managers and portfolio investors locked in yields ahead of inflation data, expecting the consumer price index to surge due to higher oil prices.
A surge in headline inflation reduced the real return on investors, while yields fluctuate based on investors’ trading sentiment.
The market recorded moderate demand across the short and long ends of the curve, with selloffs at the belly, according to fixed-income market analysts.
Buying interest was evident across the curve, Meristem Securities Limited told investors in a note, saying all instruments recorded between 2/3 bps, except for the 22-Apr-27 (- 18bps), 6-Aug-26 (-16bps), and May-27 (-8bps) papers, which saw stronger demand.
However, select maturities between 20- Aug-2026 and 17-Sep-2026 saw the only sell-offs among Treasury papers. Hence, the average yield at the secondary market contracted by 3bps to 17.48%, reflecting contraction at the short and long ends of the curve, which offset an expansion at the mid segment (+2bps).
Traders reported demand for the 06-AUG (-16bps), 22-APR (-18bps), and 06-MAY (-8bps) bills.
Elsewhere, the secondary bond market traded on a mildly bullish note, as contractions at the short (-2bps) end offset expansions at the mid (+1bp) segment of the curve. Consequently, the average yield compressed by 1bp to 16.09%. Moniepoint Trains Women to Build AI-Powered Products
