Open Market Operations (OMO) bills dominated Nigeria’s fixed-income market in the first five trading days of November, recording N3.56 trillion in transactions as total turnover across major government securities reached N7.37 trillion.
Figures from the fixed-income dashboard showed that OMO bills recorded 766 trades between November 1 and 6, accounting for 48.3 per cent of total market turnover and making them the most actively traded instruments during the period.
Federal Government of Nigeria (FGN) bonds followed with N2.29 trillion in transactions from 702 trades, representing 31.1 per cent of total turnover. Treasury bills recorded N1.50 trillion across 421 transactions, while Sukuk attracted N13.85 billion from eight trades.
Overall, the four security categories recorded 1,897 transactions during the period.
In terms of market participation, OMO bills and Treasury bills each attracted 23 participants, while FGN bonds had 19 and Sukuk recorded two. The total number of participants stood at 26, indicating that trading activity remained concentrated among a relatively small group of investors.
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Meanwhile, yield data showed that returns remained relatively high across several maturities, although yields generally declined towards the longer end of the curve.
The overall closing yield stood at 20.08 per cent at the shortest tenor before dropping to 18.52 per cent at the next maturity and remaining largely within the 16 per cent range across intermediate tenors.
At the longer end, yields declined to 15.41 per cent at 19 years and 14.59 per cent at 23 years before settling at 15.01 per cent at 27 years.
FGN bonds followed a similar trend, with yields hovering between 16 and 17 per cent across several intermediate maturities before falling to 15.41 per cent at 19 years, 14.49 per cent at 23 years and 14.86 per cent at 27 years.
For OMO bills, closing yields declined from 20.08 per cent at the shorter tenor to 16.81 per cent at one year, while Treasury bills recorded yields of 19.71 per cent and 17.41 per cent across the two maturities displayed.
