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Primary Market Watch- Post Auction Analysis – 26 August 2026

Primary Market Watch: Treasury Bills & OMO (Post Auction Analysis – 26 August 2026 ) New OMO rules drive stop rates below 20%  The Central Bank of Nigeria (CBN) conducted Open Market Operations (OMO) and Treasury bills auctions during the week, with both auctions recording strong investor demand amid improved system liquidity conditions.  At the OMO auction conducted on 26 August 2026, […]

CBN eases FX, bond restrictions on discount window, keeps OMO guardrail

The Central Bank of Nigeria (CBN) has continued its financial market reforms, many of which are already showing results across the foreign exchange and money markets. Recent reforms by the CBN Over the past year, the CBN has introduced a number of changes. In the FX market, it launched the B-Match trading platform in 2024 […]

Primary Market Watch: Treasury Bills

Post Auction Analysis – 29 July 2026  he Central Bank of Nigeria (CBN), on behalf of the Federal Government, conducted the final Treasury bills auction for July 2026, offering N700 billion across the three standard maturities. The auction attracted robust investor demand, with total subscriptions reaching N3.62 trillion, translating to an overall bid-to-cover ratio of 5.17x. Although demand for […]

Primary Market Watch: Treasury Bills

Post Auction Analysis – 8 July 2026 The Central Bank of Nigeria (CBN), on behalf of the Federal Government, conducted its Treasury bills auction on 8 July 2026, offering N700 billion across the three standard maturities. The auction produced another strong outcome at the long end of the curve, broadly in line with our expectation, […]

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 […]