System Liquidity
System liquidity remained bouyant, though the CBN offered ₦500 bn OMO across two long-term tenors, attracting ₦773.74 bn subscriptions and ₦756.74 bn allotments. Maturing ₦239.15 bn OMOs offset drains. OPR rose 8 bps to 26.58%; O/N climbed 21 bps to 27.17%.
Treasury Bills
Bearish sentiment dominated T-Bills, with sellers offloading March and April OMO bills ahead of the OMO auction. Trading remained muted; the 315-day and 329-day OMO papers settled at 22.65% and 22.72%, mid-rate at 19.60%.
FGN Bonds
Sellers dominated FGN bonds, particularly mid-tenors like Feb 2031, May 2033, and Jan 2035, as most participants stayed sidelined throughout the session. Thin volumes persisted, leaving benchmark mid-yield unchanged at 18.69%.
Eurobonds
Eurobonds shifted from initial bearishness to selective buying amid firmer oil and bargain-hunting ahead of the Fed’s rate decision. Nigerian sovereign curve strengthened; average mid-yield declined 9 bps to 10.33%.
Nigerian Equities
ASI rose 156 bps (YTD 5.28%) in a broad rally led by 10% gains in ETI, NESTLE, NNFM, MTNN, and OKOMUOIL. Banking, consumer, and oil sectors surged; value traded fell 26.6% to $8.64 m.
Foreign Exchange
High FX demand from exporters throughout the week drove USD/NGN between ₦1,603.00–₦1,609.50 as supply remained constrained. The naira depreciated 6 bps to close at ₦1,606.6413 despite CBN interventions.
Commodities
Oil rebounded nearly 4% from four-year lows as European, Chinese demand improved, Middle East tensions rose, and OPEC+ output cuts spurred bargain buying. Brent hit $62.60; WTI $59.55. Gold gained 1.9%.
