FGN Bonds Drive Fixed‑Income Market Activity as Turnover Reaches N1.16 Trillion

Nume Ekeghe

On June 19 2026, the fixed‑income market remained active, with investors trading securities worth N1.16 trillion across 447 transactions. Federal Government of Nigeria (FGN) bonds were the most heavily traded asset class.

According to the Fixed Income Dashboard, FGN bonds accounted for N487.91 billion of the total turnover in 207 trades, surpassing OMO Bills, which recorded N438.17 billion from 96 deals. Treasury Bills contributed N226.10 billion through 138 transactions, while Sukuk instruments generated N10 billion in six trades. Twenty‑seven market participants were active during the session.

The strong volume in the bond segment underscores sustained investor appetite for sovereign instruments despite elevated yields across the market.

Among the bonds traded, the February 2031 FGN Bond attracted the most transactions, with 45 deals worth N118.45 billion. The April 2037 bond followed with 41 trades valued at N62.58 billion, and the May 2033 instrument accounted for the largest traded volume at N140.53 billion across 30 deals.

Yields along the bond curve remained broadly stable in the mid‑to‑high teen range. The 2031 bond closed at 17.95 percent, while the 2037 issue settled at 18.15 percent. At the longer end, the 2053 bond closed at 15.25 percent, reflecting stronger demand for long‑dated instruments.

In the Treasury Bills segment, activity concentrated on the June 17 2027 maturity, which saw 81 trades and a turnover of N167.09 billion. The bill closed at a yield of 20.44 percent after trading between 19.38 percent and 20.88 percent.

The December 17 2026 Treasury Bill also attracted significant interest, with 17 trades worth N21.64 billion and a closing yield of 18.16 percent. Another December 2026 bill recorded 11 trades valued at N19.99 billion and ended the session at 17.28 percent.

Activity in the OMO market was led by the January 12 2027 instrument, which generated 22 trades worth N170.98 billion and closed at a yield of 19.92 percent. The September 22 2026 OMO Bill also recorded notable activity, with N99.50 billion traded across 15 deals and a closing yield of 21.15 percent.

Across the OMO curve, yields remained above 20 percent for most maturities, highlighting investors’ preference for high‑yielding short‑term instruments. The July 2026 OMO Bill closed at 21.76 percent, while the August 2026 maturity settled at 20.79 percent.

Meanwhile, the Sukuk segment saw relatively muted activity, with six trades worth N10 billion. The May 2032 Sukuk closed at a yield of 16.63 percent.

Overall, the session reflected continued demand for government securities, particularly FGN bonds and longer‑dated Treasury Bills, as investors sought to lock in attractive yields across the fixed‑income market.