Investors Trade N8.07 Trillion in OMO Activity

In the past week, investors demonstrated significant interest in Open Market Operations (OMO), trading a total of N8.07 trillion over five days. OMO bills were particularly popular, with N5.99 trillion traded, representing 74% of the total fixed income market activity.

The closing yield for OMO bills was 19.57%, with a weighted average yield of 19.74%. Treasury bills had a closing yield of 15.76%, while their weighted average stood at 19.83%.

The trading period saw 2,097 transactions involving 27 participants, with OMO bills leading with 1,045 trades. FGN bonds followed with N1.19 trillion traded across 687 transactions, and Treasury bills recorded N877.76 billion from 354 trades.

Sukuk activity was limited to N8.35 billion across 11 transactions. The trading composition indicates a preference for shorter-duration instruments, as OMO bills significantly outperformed FGN bonds and Treasury bills in value, despite the latter generating more than 1,000 transactions combined.