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Monthly Fixed Income Market Report

The FGN bond market closed the month bearish as average yield surged 38bps Month-on-Month (MoM) to settle at 14.44%. Similarly, the Nigerian Treasury Bills Market closed the month bearish, as average yield went up by 67bps MoM to close at 7.94%. Overall, the secondary Fixed Income market closed on a negative note as average yield increased by 53bps MoM to 11.19%. The upward trajectory of yields is despite higher system liquidity during the month (c. NGN1.23trn in September 2023 vs. c. NGN874.58bn in August 2023). Hence, we believe the bearish sentiment in the market stemmed from investors repricing the fixed income instruments and demanding higher rates during the auctions considering inflationary pressures within the economy.



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