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Monthly Fixed Income Market Report

The Nigerian Fixed Income Market started 2024 on a bearish note in January, with average yields rising across board. The FGN bond market saw the average yield increase by 36bps Month-on-Month (MoM) to settle at 14.49%. Similarly, the Nigeria Treasury Bills market experienced a significant 286bps MoM surge in average yield to 9.15%. Overall, the Naira Fixed Income market witnessed an uptick of 161bps MoM to close at 11.82%. This overall rise in yields reflects the Central Bank of Nigeria’s (CBN) efforts to curb excess liquidity in the system evident in the N30bn decrease in system liquidity from NGN156.37bn in December 2023 to NGN126.36bn in January 2024. This decrease in liquidity, coupled with rising inflation expectations, contributed to the upward pressure on yields across the fixed income market.

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