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FGN bond and treasury-bill yields remain in the mid to high teens following the September MPC reset, which retained a 23 per cent policy rate, lifted the standing deposit facility to 20 per cent and kept the cash reserve requirement at 45 per cent.

Bids covered the investor allocation but fell below the full €5.5 billion issue, with €1.61 billion retained under the auction structure.

Nigeria’s money market is bracing for an ₦800 billion treasury bills primary auction amid a liquidity surge analysts put near ₦7 trillion, with released cash reserves of about ₦2.26 trillion among the inflows expected to fuel heavy demand for the long-tenor paper.

Africa Prudential reported nine-month 2026 profit before tax of N4.07bn, driven by a 46% jump in interest income on treasury yields, with its registrar and technology services providing the underlying franchise.

Fixed-income markets ended the week ended October 23, 2026 with average FGN bond yields up 1bp to 16.4% and average Treasury bill yields down 4bps to 18.2%, as system liquidity strengthened to N6.66trn.

The Federal Reserve meets October 27-28 with the decision at 7 p.m. Nigerian time Wednesday, and the 10-year Treasury yield closed Friday at 4.99% after an artificial-intelligence-driven whipsaw through the week.

Policy easing has not lowered market borrowing costs, exposing weak transmission and the premium investors demand for inflation and currency risk.

After steep losses, global bonds are drawing buyers as yields rise, but inflation, fiscal risk and currency volatility keep the recovery fragile.

The October 23 auction was oversubscribed by N629 billion, showing abundant banking-system liquidity even as stop rates climbed.

FGN bond and Eurobond yields fell modestly while Treasury bill yields rose, leaving Nigeria's fixed-income market mixed as liquidity stayed ample.

Nigeria was the only market among seven tracked to see a rise in 10-year yields as liquidity surged.

Debt Management Office accepted higher stop rates as it allotted N2.02trn across reopened FGN bond maturities.

The US dollar retreated from multi-month highs as concerns about artificial intelligence capital expenditure and credit stress in technology infrastructure pushed Treasury yields lower and softened the Dollar Index toward 101.80.

CoreWeave's junk bonds are yielding more than 15% and its credit default swaps have blown past 1,100 basis points, signs that investors are losing confidence in the AI infrastructure company's ability to service roughly $50 billion of debt.

MeCure Industries has opened a Series 8 commercial paper offer of up to ₦14 billion under its ₦40 billion programme, priced at a 21% gross implied yield as the drugmaker funds working capital ahead of expanding production investment.

Average FGN bond yields rose 26 basis points to 16.4% as investors repriced the curve for heavy fourth-quarter supply, setting up a test at the Debt Management Office's ₦1.75 trillion auction on 19 October.

Investors bid up to 18.18 per cent on the one-year bill but the Debt Management Office allotted only N269.06 billion against N450 billion offered, rejecting about 78 per cent of 364-day bids to keep a lid on borrowing costs after the rate cut.

The dollar index held near 102.07 and headed for its first weekly decline since mid-September as the 10-year Treasury yield fell about 15 basis points and the euro recovered from a 17-month low.

Spot gold rose about 0.4 per cent to near $4,187 an ounce, helped by a softer dollar and a sharp fall in Treasury yields, even as hot US producer prices kept Fed rate-hike bets alive and capped the metal near $4,235.

The three-year yield dropped 23 basis points to 6.45 per cent and the ten-year fell four basis points to 7.93 per cent as a record one-day rally in US Treasuries and a softer dollar lifted Nigerian dollar debt, with a $1.5 billion bond due in November 2027 in focus.