Higher Yields Propelled by Interest Rates
The Nigerian secondary Fixed Income (FI) market continued its bearish trend in April 2024. The Nigerian Treasury bills (NT-bills) market witnessed a significant negative performance, as the average yield surged by 454bps Month-on-Month (MoM) to close at 22.20%, reflecting the high interest rate environment. In contrast, the FGN Bond market experienced positive sentiment. The average yield decreased by 47bps MoM, settling at 18.94%. Despite the positive movement in the FGN bond market, the overall Naira FI market remained bearish due to the dominant trend in the NT-bills market. The average yield for the overall Naira FI market climbed 203bps MoM to close at 20.57%.
