Lagos, Nigeria – Nigeria’s FMDQ debt market capitalization dropped N720 billion from N104.68 trillion on March 16 to N103.96 trillion by March 18, 2026, amid Open Market Operations volatility and falling Treasury Bills yields following CBN’s recent auction.
Okay News reports CBN allotted N691.86 billion from N1.05 trillion offered at lower rates, influencing secondary market repricing—OMO June 2026 rose to 20.45%, but September 2026 fell 2.49% to 18.39%, May 2026 dipped 0.78% to 20.38%, T-bills April/May 2026 hit 16.17%/16%.
FGN bonds stayed stable between 14.39%-16.17%, February 2034 down 10bps to 15.95%; derivatives saw 10-year March 2026 futures at 113.44, signaling limited volatility ahead.
Money market held steady—Open Repo Rate 22%, Overnight Rate 22.21%—as mark-to-market effects and maturing instruments drove contraction, not selloffs, with investors repositioning for potential monetary easing.
The coordinated primary/secondary yield softening reflects growing confidence in softer policy amid improving macro conditions, transitioning Nigeria’s fixed-income landscape.
