The yield puzzle: Why investors are demanding higher returns

Nigeria’s fixed-income market has witnessed a notable repricing in recent weeks. After declining steadily between March and May, yields at both the primary and secondary markets have moved higher, with the stop rate on the benchmark 364-day Treasury bill rising from 16.15 percent in May to 17.34 percent in June. At first glance, the development […]

FMDA’s Monthly Report-June 2026

FMDA’s Monthly report-June 2026: Highlights Average system liquidity declined by 12.26% in June to N4.58 trillion, as the CBN intensified its liquidity sterilisation operations, withdrawing an estimated N16.9 trillion through Treasury bill and OMO auctions. Looking ahead, an estimated N12.39 trillion in inflows is projected for July, about 8.7% higher than the N11.40 trillion recorded […]