Nigeria_Fixed Income Daily: Improved liquidity spurs buying
​§Interbank Call rate moderated 117bps to 15.83% amidst improved liquidity following the previous day’s OMO maturity. At the FX interbank market, the naira depreciated N2.64 to close at N310.64.
§Bearish sentiment dissipated at week close as improved liquidity spurred more upbeat trading in the T-bills market. Strong demand across the space drove yields 17bps lower on average. Notably, the 55DTM (-87bps) and 118DTM (-103bps) bills closed at 15.85% and 16.66% respectively. Sentiment remained weak in the bond market as we witnessed relatively mixed trading. Although yield on the 12.40% FGN MAR 2036 bond advanced 6bps to 15.33%, yield on the 12.50% FGN JAN 2026 bond moderated 2bps to 15.30%.
§ Despite the positive turn in market sentiment (particularly in the T-bills space), we anticipate a cautious start to trading next week as investors eye the bond and T-bills auctions scheduled for Wednesday.
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