OMO Bills Drive N8.09tn Fixed Income Trades in One Week

Nume Ekeghe           

Open Market Operation (OMO) bills dominated activity in Nigeria’s fixed income market last week, accounting for N6.01 trillion, or about 74 per cent, of the N8.09 trillion total face value traded across 2,022 transactions.

Data from the Central Bank of Nigeria’s (CBN) Fixed Income Dashboard showed that the market recorded 920 OMO bill trades between August 10 and 14, 2026, involving 26 participants.

Treasury bills followed with N1.50 trillion recorded in 773 trades, while Federal Government of Nigeria (FGN) bonds attracted N571.65 billion across 326 transactions.

Sukuk recorded marginal activity, with just three trades valued at N12 million.

Overall, the 2,022 transactions involved 28 participants and a combined face value of N8.094 trillion.

The dominance of OMO bills came as yields remained elevated across the short end of the market. The dashboard showed an OMO closing yield of 21.50 per cent, with a weighted average yield of 20.79 per cent.

Treasury bill yields also remained firm, with the dashboard showing a closing yield of 20.91 per cent and a weighted average yield of 16.59 per cent.

Meanwhile, yields across FGN bonds remained varied along the maturity curve, with rates ranging from about 14.80 per cent to 17.75 per cent on the securities captured in the dashboard.

The data underline the continued preference for short-term fixed income instruments, particularly OMO bills, as investors position around prevailing yields and liquidity conditions in the financial market.

With OMO bills accounting for more than seven out of every 10 naira traded by face value during the week, activity in the segment significantly outpaced both Treasury bills and FGN bonds.