Fixed-Income Market Records N8.84 Trillion Trades in One Week as OMO Bills Dominate

Nigeria's fixed-income market recorded significant trading activity, with N8.84 trillion in face value traded during the week ending August 7, 2026. Open Market Operations (OMO) bills were the dominant instrument, capturing the largest share of transactions.

Data from the Central Bank of Nigeria (CBN) revealed that OMO bills accounted for N6.33 trillion, representing approximately 71.6% of the total traded value. A total of 916 trades were executed for OMO bills. Treasury bills followed, with 769 trades valued at N1.34 trillion, while Federal Government of Nigeria (FGN) bonds saw 656 trades worth N1.15 trillion. Sukuk transactions were minimal, with seven trades totaling N13.08 billion.

The market attracted 27 participants during the week. OMO bills saw 23 participants, while Treasury bills and FGN bonds each attracted 24. Sukuk had four participants. This trading pattern highlights the sustained prominence of short-term government securities, particularly OMO bills, influenced by current liquidity and monetary policy conditions.

Yields across the fixed-income curve remained elevated throughout the review period. The CBN's Fixed Income Dashboard reported closing yields ranging from the mid-teens to over 20%. OMO bills reached a closing yield of 22.67% for shorter tenors, compared to a weighted-average yield of 21.59%. Treasury bill yields were also high, with one tenor showing a closing yield of 20.25%. FGN bond yields varied between approximately 14.85% and over 17% across different maturities. The data indicates continued strong investor positioning in both short- and long-dated government securities.