Nigeria’s fixed-income market closed on Thursday, October 2, 2025, with Treasury bill yields easing marginally across maturities, while the Federal Government bond market ended mixed, reflecting tight liquidity conditions in the money market, FMDQ data showed.
Benchmark Nigerian Treasury bills (NTBs) and Open Market Operation (OMO) notes slipped slightly, with average yields dropping by about 2 basis points.
The NTB maturing October 9, 2025, closed at 16.37% (-0.01), while the December 4, 2025, paper ended at 17.69% (-0.02).
Longer-dated NTBs, such as the July 9, 2026, and September 3, 2026, issues closed at 18.34% and 18.49%, respectively, both easing by 0.02 percentage points.
OMO bills followed the same path. The November 4, 2025, note fell sharply to 20.85% (-0.84), the steepest drop of the session, while the January 6, 2026, paper settled at 20.76% (-0.02).
Benchmark FGN bonds closed unevenly as investors rebalanced across the curve.
Shorter-dated maturities advanced, with the March 17, 2027, bond rising to 16.73% (+0.36) and the February 23, 2028, paper at 16.57% (+0.20). However, mid-tenor bonds softened, led by the May 15, 2033, issue, which slipped to 16.05% (-0.40).
Further along the curve, the February 21, 2034, bond gained modestly at 16.33% (+0.17), while the April 18, 2037, note declined to 15.99% (-0.11). Ultra-long bonds, including the April 26, 2049, maturity, were unchanged at 15.84%.
Short-term funding pressures persisted, with the Open Repo (OPR) steady at 24.50% and the Overnight (O/N) rate easing slightly to 24.88%.
In contrast, the Nigerian Interbank Offered Rate (NIBOR) fell across all maturities, with the Overnight, 1M, 3M, and 6M tenors down by 11bps, 16bps, 31bps, and 38bps, respectively. This was attributed to improved liquidity from inflows.
The Nigerian Interbank Treasury Bills True Yield (NITTY) curve also declined, driving the average benchmark yield down by 3bps to 17.90% as sustained investor demand buoyed the secondary market.
Bond futures closed steady. The 2-Year FGN Bond Futures (18 SEP 25 BF02) settled at 106.67 (3M), 100.47 (6M), and 106.75 (12M). The 10-Year FGN Bond Futures (18 SEP 25 BF10) gained across contracts, closing at 114.85 (3M), 118.45 (6M), and 131.43 (12M).
Nigeria’s Eurobond market sustained bullish momentum on the back of strong foreign demand.
Buying interest, especially in the FEB-2030 and FEB-2032 issues, pushed average yields down by 7bps to 7.88%, spanning the short, mid, and long ends of the curve.