The fixed income market, especially the Nigerian Treasury Bills (NT-Bills) segment is expected to observe a quiet session today as players await the outcome of the NTB auction where N141.26 billion, which is on offer by the Debt Management Office (DMO), according to a report by Parthian Partners, Africa’s premier inter-dealer broker.

The Central Bank of Nigeria (CBN) will today on behalf the Federal Government conduct a Primary Market Auction (PMA) to roll over treasury bills maturities worth Ñ141.26 billion across 91-day (N2.19 billion), 182-day (N6.95 billion), and 364-day (N132.12 billion) tenors.

Activity in the treasury bill market yesterday was skewed to demand for short end papers, including the May Special bills, as participants anticipate higher yields at the PMA scheduled for today. Few trades were executed by the close of the market, and yields closed approximately flat on the day.

Read also: CBN to begin payment of FX rebate to exporters

The Overnight (O/N) rate decreased by 2.62 percent to close at 5.62 percent on Tuesday as against the last close of 8.24 percent on Monday.

In the same vein the Open Repo (OPR) rate decreased by 2.42 percent to close at 5.25 percent on Tuesday compared to 7.67 percent on the previous day.

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As system liquidity has improved with Open Market Operation (OMO) repayment of N48.47 billion, the money market rates are likely to remain subdued, barring any mop-up activity by the CBN, analysts at FSDH Research said in a report.

In the OMO bills market, the average yield across the curve closed flat at 3.42 percent. Average yields across short-term, medium-term, and long-term maturities remained unchanged at 3.01 percent, 3.37 percent, and 3.93 percent, respectively.

At the foreign exchange market on Tuesday Naira appreciated by 0.09 percent as the dollar was quoted at N416.62 as against the last close of N417.00. Most market participants maintained bids between N410.00 and N444.00 per dollar.

The bond market maintained the bearish trend in yesterday’s session, with trade activity skewed to the belly of the bond curve. The 2036s, 2037s, 2026s and 2035s were the most traded papers on the day, with yields closing 1bp higher on average.

“We expect the bearish trend to continue today, as investors continue to demand even higher yields,” analysts at Parthian Partners said.

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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