Nigeria's Treasury Bills Lead Record N5.3 trn Trading as Real Returns Turn Positive

Investors in Nigeria’s fixed‑income market executed more than N5.32 trillion in trades during the week ended 17 July 2026, covering Treasury Bills, Open Market Operation (OMO) Bills, Federal Government (FGN) bonds and Sukuk. Treasury Bills were the most actively traded instrument by volume, with 852 transactions amounting to a face value of N1.67 trillion, while OMO Bills recorded the highest turnover by value at approximately N2.85 trillion. Yields remained elevated, with OMO Bills at about 21.15 % (short tenor) and 20.62 % (long tenor), and FGN bonds trading between 17.25 % and 19.00 %.

Headline inflation fell to 15.91 % in June 2026, allowing several government debt instruments to generate positive real returns. The January 2035 and April 2037 FGN bonds cleared at 18.34 % and 18.35 %, delivering roughly 2.44 percentage points above inflation. A 364‑day Treasury Bill sold at the 15 July auction recorded a stop rate of 17.66 %, also outpacing inflation. Investor appetite grew, with Treasury‑Bill turnover rising 137.5 % to N1.51 trillion and FGN‑bond turnover up 75.9 % to N1.20 trillion.