FMDA reports ₦6.94tn banking liquidity as Treasury-bill yields ease

Nigeria's banking system liquidity increased while average Treasury-bill yields declined in the week ended 23 October, according to the Financial Markets Dealers Association's report published on 26 October 2026.

FMDA put system liquidity at ₦6.936 trillion, up 10.39% from ₦6.283 trillion a week earlier. Its review describes cash inflows from maturing securities being partly offset by monetary operations and government bond settlement. These are the association's reported market figures, not a new Central Bank of Nigeria policy announcement.

The report records ₦2.629 trillion of Open Market Operations bill sales on 22 October and ₦2.024 trillion of government bond settlement on 21 October among the liquidity-absorbing operations.

Average Treasury-bill yield fell 59 basis points to 17.64%. The movement was not uniform: the six-month yield increased nine basis points to 17.79%, while shorter maturities declined. The table compares 23 October with 16 October; it does not provide current executable investment prices.

What the numbers establish

For the week beginning 26 October, FMDA projected ₦2.813 trillion of inflows. That was a forecast, not confirmation that the money had reached the system.

FXRates.ng's interpretation is that higher market liquidity can coexist with substantial cash withdrawals through government securities. The observations do not establish a policy-rate cut, guarantee cheaper bank loans or predict the naira's direction.