The Nigerian fixed-income market maintained a steady profile during intraday trading on Monday, as yields on benchmark Treasury bills and Federal Government of Nigeria bonds showed little to no movement across most maturities.
According to market data from the FMDQ Exchange, the session was characterised by a horizontal trend, with investors largely maintaining their existing positions.
In the Treasury Bills segment, the market remained notably flat. The June 2026 maturity held its yield at 15.93 per cent, while longer-dated bills, such as the February 2027 and March 2027 papers, stayed firm at 18.49 per cent and 18.90 per cent, respectively. This lack of volatility extended to the Open Market Operation bills, where the June 2026 maturity continued to offer the market’s peak yield at 21.69 per cent, followed closely by the September 2026 bills at 21.19 per cent, with neither instrument recording a price change.
The sovereign bond market mirrored this stability, though minor activity was observed in the mid-tenor region.
While most benchmarks saw no yield change, the April 2029 FGN bond recorded a slight yield increase of 0.22 per cent, bringing it to 16.71 per cent. Similarly, the May 2033 bond saw a marginal uptick of 0.06 per cent, settling at a yield of 16.87 per cent. Other key instruments, including the February 2028 bond at 16.75 per cent and the long-dated June 2053 bond at 14.73 per cent, remained unchanged from their opening levels.
Financial analysts noted that the quiet session reflects a balanced liquidity environment and a momentary pause in aggressive trading ahead of further market catalysts. Despite the marginal shifts in mid-term bonds, the overall market remains characterised by high interest rates, with the yield curve remaining largely elevated across both short-term and long-term debt instruments.
After reaching historic highs in previous years, inflation has begun a steady descent. As of March 2026, the headline inflation rate stood at 15.38 per cent, a significant drop from the 20 per cent–30 per cent range seen in 2024–2025.
The Central Bank of Nigeria has started easing its aggressive tightening. After holding the Monetary Policy Rate at 27 per cent for much of late 2025, the bank trimmed it to 26.5 per cent in February 2026 to support economic growth as price pressures cooled.
