{
  "id": 12828495,
  "title": "Nigeria’s fixed-income market to receive N11 trillion inflow in October — Cordros Capital",
  "url": "https://urgent.news/2026/10/08/nigerias-fixed-income-market-to-receive-n11-trillion-inflow-in",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-08T08:51:32.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/08/nigerias-fixed-income-market-to-receive-n11-trillion-inflow-in-october-cordros-capital/"
  },
  "original_language": "en",
  "account": "Nigeria's fixed-income market is set to receive a substantial N11 trillion in liquidity inflows during October, potentially sustaining reinvestment demand and putting downward pressure on yields, according to Cordros Capital. The projected inflows are broken down into N9.05 trillion from Open Market Operations (OMO) maturities, N1.30 trillion from Nigerian Treasury Bills (NTB) maturities, and N650.67 billion from FGN bond coupon payments. While a large portion of the liquidity is expected to come from OMO and NTB issuances, Cordros Capital anticipates that these fresh issuances could partially offset the inflows, limiting their impact on yields. The timing of OMO repayments and the scale of CBN sterilisation will be crucial in determining liquidity conditions during the month. With N9.05 trillion expected to come from OMO maturities - accounting for about 82% of Cordros' total estimate - the scale of subsequent CBN sterilisation could play a significant role in shaping the market. The firm expects fresh OMO and NTB auctions to absorb a significant portion of the liquidity, leaving only a limited amount in the financial system. This balance between returning cash and new issuance will help determine whether the reinvestment pressure observed in September continues into October. September's figures indicate that N13.14 trillion in maturing OMO securities led to reinvestment demand, while average banking-system liquidity increased to a net-long N4.30 trillion, up from N4.12 trillion in August. Average FGN bond yields fell by 108 basis points to 15.9%, although bond demand was weaker than bill demand, with a bid-to-offer ratio of around 1.5 times. The recent reduction in the Monetary Policy Rate by 350 basis points to 23% has also contributed to the rally in Nigerian bonds and Treasury bills. However, Cordros Capital cautions that several factors could hinder an unrestricted decline in yields, including inflation, additional government issuances, and the CBN's utilization of OMO auctions to soak up excess liquidity. Despite Nigeria's inclusion in the GBI-EM Edge, the inclusion does not signify re-entry into the flagship GBI-EM Global Diversified index, which might result in smaller passive inflows compared to a full return. Therefore, Cordros Capital anticipates that October's liquidity and foreign demand will remain supportive for bonds and bills, but the extent of any further decline in fixed-income yields could be moderated by sterilisation, new issuance, and inflation risks.",
  "summary": "Nigeria’s fixed-income market is expected to receive about N11 trillion in liquidity inflows in October, which Cordros Capital says could sustain reinvestment demand and put further downward pressure on yields. The post Nigeria’s fixed-income market to receive N11 trillion inflow in October — Cordros Capital appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}