Despite a significant ₦714.38 billion outflow for NTB auction settlement, Nigeria’s interbank market maintained strong liquidity. This supported stable short-term interest rates, with the Overnight Policy Rate (OPR) holding at 26.50% and the Overnight Rate easing slightly to 26.85%.
The treasury bill market saw increased activity post-auction, with some investors locking in profits. However, fresh demand was subdued due to the auction’s oversubscription. The newly issued one-year bill (maturing April 23, 2026) was the most traded, and average NTB mid-rates closed at 19.42%, showing improved volume despite limited bid interest.
In the bond market, cautious sentiment dominated ahead of Monday’s FGN bond auction, leading to minimal trading activity. Only a few trades occurred, mostly in mid-tenor bonds, and the average benchmark mid-yield settled at 18.78%.
African Eurobond markets remained bullish, driven by continued demand for Nigerian, Angolan, and Egyptian papers. This positive risk sentiment helped push Nigerian Eurobond yields down by 10 bps to 10.05% on average.
Nigeria’s equities market ended on a strong note, with the All-Share Index gaining 0.75%, led by gains in consumer and industrial goods sectors. IKEJAHOTEL, NESTLE, and WAPCO led the rally. While trade value dropped 43.28% to $6.45 million, volumes remained healthy, thanks to block trades in key stocks like MTNN and ACCESSCORP. The naira strengthened slightly to ₦1,601.82/$1, while global commodities saw mixed performance—oil was flat on OPEC+ uncertainty, and gold rebounded 1.4% on a weaker dollar and bargain buying.
