OMO Bills Lead Nigeria's Fixed Income Market with N3.36tn

Last week, Open Market Operation (OMO) bills led Nigeria's fixed income market, with total transactions reaching N6.86 trillion across various securities, including Treasury bills, FGN bonds, and Sukuk. OMO bills alone attracted N3.36 trillion, nearly half of the total market activity, despite only 498 trades, indicating strong institutional investor participation.

In total, 2,330 trades were executed during the review period. FGN bonds were the most actively traded by transaction count, with 1,159 deals worth N1.98 trillion, while Treasury bills accounted for 666 trades valued at N1.51 trillion.

Sukuk securities had limited activity, with only seven trades amounting to N19.73 billion. Market yields remained high, with Treasury bill yields ranging from approximately 17.6% to 20.1%, and OMO bill yields above 19%, peaking at around 21.2% for the shortest tenor.

FGN bond yields were stable, clustered between 15% and 18.4%. The robust performance of OMO bills reflects ongoing liquidity management efforts within the banking sector.