FIXED INCOME TRADING HITS ₦1.06 TRILLION IN ONE DAY — CBN OFFERS ₦1 TRILLION T-BILLS WEDNESDAY TO DRAIN LIQUIDITY

Record single-day turnover driven by Treasury Bills at ₦668bn; OMO yields reach 22%; auction size doubled from ₦450bn

Nigeria's fixed income market recorded a single-day trading volume of ₦1.06 trillion on June 4, 2026 — its highest turnover in recent memory, driven by aggressive institutional demand for short-term government debt instruments across 551 executed trades, according to data from the Central Bank of Nigeria's official Fixed Income Dashboard.

Treasury Bills captured the largest share of activity, recording 340 trades with a dominant volume of ₦668.01 billion involving 24 active market participants. The deepest pocket of activity was heavily concentrated in one-year tenor bills expiring in June 2027. CBN Open Market Operations Bills followed as the next largest liquidity absorber, drawing ₦224.41 billion across 43 trades, with yields on the shortest instruments, those maturing June 30, 2026, hitting a peak of 22% for a ₦56.2 billion volume block.

Building on this demand momentum, the CBN has revised its Wednesday June 17 Treasury bill auction size upward from ₦450 billion to ₦1 trillion, ranking among the largest T-bill offerings in recent months, with market analysts saying the increase is designed to absorb excess liquidity after large inflows into the banking system. The impact will be partly offset by ₦206.85 billion in T-bills maturing on June 18.

Average Treasury bill yields rose 8 basis points week-on-week to 18.83%, with NTB yields at 17.69% and OMO yields climbing to 20.98% amid sustained sell pressure. The decision reinforces that liquidity control remains a priority for policymakers.

For Nigerian SMEs with cash reserves earning below 15% in savings accounts, the T-bill market currently offers 17%–22% annualised returns on government-backed instruments. Businesses with idle cash should consult their bank's investment desk or a licensed investment manager about accessing these rates through legal, registered channels.