In the first five days of November, Open Market Operations (OMO) bills dominated Nigeria’s fixed-income market, attracting N3.56 trillion and constituting nearly half of the total turnover. Overall, transactions across major government securities reached N7.37 trillion during this period.
Data from the fixed-income dashboard revealed that OMO bills accounted for 766 trades between November 1 and November 6, making them the most actively traded instruments in the market. This activity represented 48.3 percent of the total turnover, significantly surpassing transactions for Federal Government of Nigeria (FGN) bonds and Treasury bills.
FGN bonds followed with a turnover of N2.29 trillion from 702 trades, contributing 31.1 percent to the overall market activity. Additionally, Treasury bills recorded N1.50 trillion across 421 trades, while Sukuk attracted N13.85 billion from just eight transactions.
The trading figures indicated a total of 1,897 trades among the various security categories over the six-day span. While OMO bills led both in transaction volume and value, Treasury bills also exhibited strong participation, engaging 23 market participants, matched by OMO bills. Meanwhile, FGN bonds saw involvement from 19 participants, and Sukuk had two.
Yield data remained consistent with high returns across multiple maturities. However, longer-dated instruments generally displayed lower closing yields. The closing yield curve revealed that the shortest tenor recorded 20.08 percent, tapering off to 18.52 percent, and largely fluctuating around the 16 percent range for several intermediate tenors. In contrast, longer tenors reflected closing yields of 15.41 percent at 19 years, 14.59 percent at 23 years, and settling at 15.01 percent at 27 years.
The yield for FGN bonds remained steady within 16 to 17 percent for intermediate maturities, while OMO bills exhibited a decline from 20.08 percent at shorter tenors to 16.81 percent at one year. Treasury bills reported closing yields of 19.71 percent and 17.41 percent at two displayed maturities.
