Fixed-income Trading Hits N41.07trn as FGN Bond Transactions Jump 51.6%
Nume Ekeghe
Trading activity in Nigeria’s fixed-income market strengthened in September, with the face value of transactions rising by 12.1 per cent to N41.07 trillion, from N36.62 trillion recorded in August.
Analysis of data from the Fixed Income Dashboard showed that the increase was accompanied by a stronger pace of activity, as the number of trades rose to 11,652 in September, from 9,192 in the preceding month.
The September figure covered transactions between September 1 and September 30, 2026, while the August data covered August 1 to 31.
Further analysis showed that OMO bills remained the dominant instrument during the month, accounting for N28.05 trillion of the total face value traded, compared with N26.30 trillion in August.
The value of OMO bills traded therefore increased by about 6.7 per cent, while the number of trades rose more significantly, from 4,037 in August to 5,485 in September.
The stronger overall market activity, however, was also supported by increased transactions in FGN bonds.
Face value traded in FGN bonds climbed to N6.96 trillion in September, from N4.59 trillion in August, representing a 51.6 per cent increase.
The number of FGN bond trades also jumped from 2,471 to 3,889 during the period, making the instrument one of the major contributors to the month-on-month expansion in fixed-income activity.
Treasury bills also recorded an increase, although at a more modest pace. Transactions in the instrument rose to N5.99 trillion in September, from N5.69 trillion in August, representing an increase of about 5.2 per cent.
The number of Treasury bill trades, however, declined to 2,227, from 2,666 in August.
Sukuk recorded the sharpest percentage increase in face value, although from a much smaller base. Transactions rose to N66.79 billion in September, from N40.11 billion in August, while the number of trades increased from 18 to 51.
Overall, the market recorded 11,652 trades worth N41.07 trillion in September, compared with 9,192 trades valued at N36.62 trillion in August. The number of market participants also edged up to 30 from 29.
The increase in trading activity came alongside movements in yields across the different instruments.