Nigeria’s domestic debt market recorded a sharp pickup in activity in November 2025 as the DMO sold treasury bills valued N1.6 trillion in November, representing a month-on-month increase of 59.54 per cent or N610.67 billion, compared with N1.02 trillion sold in October 2025.

Data from the latest FMDQ Securities Exchange Financial Markets Monthly Report released yesterday showed that the sales of Federal Government of Nigeria Bonds also rose markedly, with N589.52 billion issued in November, up by 86.1 per cent or N272.75 billion, from N316.77 billion recorded in the preceding month. According to the report, demand for sovereign securities remained robust, as treasury bills and FGN Bonds were oversubscribed by 82.88 per cent and 42.88 per cent respectively during the review period.

In the money market, the Central Bank of Nigeria sold Open Market Operation (OMO) Bills valued at N633.85 billion in November 2025, reflecting a month-on-month increase of N627.22 billion from the N6.63 billion sold in October. Investor appetite was particularly strong, with OMO Bills oversubscribed by 244.06 per cent.

On the non-sovereign segment of the fixed income market, the FMDQ Exchange reported that no new non-sovereign bonds were listed in November 2025.

However, corporate bonds worth N25 billion matured and were redeemed during the month, leading to a 1.14 per cent or N25 billion, decline in the total outstanding value of non-sovereign bonds to N2.16 trillion.

Activity in the commercial paper market was mixed. The total value of quoted commercial papers fell month-on-month by 59.05 per cent, or N31.31 billion, to N21.71 billion in November.

The exchange disclosed that six commercial papers were quoted during the month, with the energy sector accounting for three of the issuances.
Despite the new listings, the total outstanding value of commercial papers declined by 24.81 per cent, or N289.59 billion, to N877.41 billion, largely due to maturities amounting to N311.30 billion within the period.

Meanwhile, conditions in the foreign exchange market improved modestly in November 2025, as the naira appreciated against the dollar.
The average spot exchange rate strengthened by 0.99 per cent, or N14.50, to close at N1,445.29 per dollar, compared with N1,459.79 per dollar recorded in October.

Exchange rate volatility also eased during the month, with the naira trading within a narrower range of N1,437.50 to N1,459.95 per dollar, compared with a wider band of N1,427 to N1,474 per dollar observed in October 2025.