February 26, 2025/Coronation Report
Summary
- Last week, system liquidity closed negative at -N722bn (21st February ’25), from -N3.10trn in the previous week. Therefore, the Open Repo Rate (OPR) declined by 12bps to 32.33%, while the Overnight Rate (O/N) edged higher by 3pbs w/w to close at 32.83%.
- In the secondary fixed-income market last week, average yields in the T-bills closed at 20.20% w/w At the primary auction last week, the CBN offered 700bn and allotted N774bn despite the oversubscription. The stop rates were at 17.00% for the 91-day instrument and 18.00% for the 182-day instrument, and 18.40% for the 364-day instrument.
- The average yields for OMO bills in the secondary market closed at 24.97%w/w decreasing by 145bps. Average yields decreased by 339bps and 141bps in the short and mid segments of the curve, and average yields increased by 108bps at the long end of the curve.
- In the FGN bond market, the average yields declined by 78bps to close at 19.47% w/w.
- In the Eurobond market, average yields declined by 14bps to close at 8.93%.
For the full Coronation fixed income and exchange rate (CFEX) update, please click here
