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By Daniel Adaji
The fixed-income market remained largely stable on Wednesday, as seen on the Financial Infrastructure Warehousing (FMDQ Exchange) website and analysed by our reporter.
The latest intraday rates for Nigerian Treasury Bills (T-bills) and benchmark bonds showed minimal movement across most tenors, reflecting steady investor sentiment.
In the Treasury Bills segment, rates remained unchanged for the majority of maturities. The NTB (Nigeria Treasury Bill) maturing on 10-Apr-25 recorded a rate of 16.60 per cent with a yield of 16.66 per cent, while the NTB 8-May-25 stood at 18.61 per cent.
A minor upward movement was observed in the 4-Sept-25 bill, where the yield increased by 0.55 per cent to 19.90 per cent, signalling a slight shift in demand for that maturity.
For Open Market Operation (OMO) bills, there were no yield changes. The OMO 6-May-25 remained at 25.75 per cent, and the OMO 3-Feb-26 at 24.03 per cent, indicating stable liquidity conditions in the market.
On the benchmark bond side, prices and yields held steady across maturities. The 20-March-2026 bond priced at N101.92, maintained a yield of 18.70 per cent, while the 20-March-2027 bond stood at N95.83 with a yield of 19.15 per cent. The longest maturity, the 21-June-2053 bond, was priced at N92.35, reflecting a yield of 17.00 per cent.
Analysts suggest that the current stability reflects a wait-and-see approach from investors, balancing expectations of future monetary policy adjustments against prevailing inflation and economic conditions.
The fixed-income market continues to be a crucial barometer for Nigeria’s financial environment, with rates and yields influencing investment flows and government borrowing costs.