Money market funds cemented their position as Nigeria’s dominant collective investment scheme (CIS) in the second quarter of 2026, accounting for 65.29 percent of the industry’s total net asset value (NAV), as investors continued to favour low-risk investments amid elevated interest rates.
A BusinessDay analysis of Securities and Exchange Commission (SEC) weekly valuation reports shows the 10 best-performing money market funds delivered year-to-date (YTD) yields ranging from 18.25 percent to 20.54 percent as of the end of the second quarter.
Unlike equity funds or exchange-traded funds (ETFs), which derive returns from movements in market prices, money market funds generate income primarily from investments in treasury bills, commercial papers, bank placements, and other short-term fixed-income securities. The high-interest-rate environment created by the Central Bank of Nigeria’s tight monetary policy continued to support strong yields across the asset class.
While equity funds experienced significant volatility towards the end of June, money market funds
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