System Liquidity
Interbank liquidity remained robust despite ₦756.74 bn OMO settlement, ₦310.35 bn net NTB settlment and FX debits; ₦239.15 bn OMO maturities supported funding. OPR held at 26.50%; O/N climbed 12 bps w/w to 26.95%.
Treasury Bills
Bearish sentiment dominated early T-Bills, with sellers offloading Mar/Apr OMO papers and buyers cautious pre-auctions. NTB auction saw strong demand, with ₦598.33 billion allotted against ₦550 billion offered, and total subscriptions of ₦1.08 trillion. Stop rates on the 91- and 182-day papers held at 18.00% and 18.50%, respectively, while the 364-day paper rose slightly to 19.63%. Average mid-rate rose 7 bps to 19.64%.
FGN Bonds
FGN bond trading remained subdued as investors awaited auctions; light retail trades occurred in Apr 2029, Feb 2031, May 2033, Jul 2034. Thin volumes kept the benchmark mid-yield at 18.72%.
Eurobonds
Eurobonds traded mixed amid UK holiday, U.S. services data, oil price changes. Fed held rates, flagged stagflation, prompting emerging-market debt demand. Nigerian yields dropped 18 bps to 10.24% by week’s end.
Nigerian Equities
NGX All-Share rose 2.54% w/w to 108,733.40, led by MTNN, DANGCEM, NESTLE, TRANSCOHOT, DANGSUGAR. Banking stocks rallied with GTCO offshore demand. Wema rights open; dividends.
Foreign Exchange
This week, USD/NGN traded volatile at ₦1,604–₦1,610, closing at ₦1,609.64 after exporters and CBN’s ₦270 m interventions. Reserves rose $86.66 m to $38.09 bn; naira weakened 46.5 bps w/w amid global uncertainty.
Commodities
Oil prices rose weekly as easing US-China trade tensions and UK-US deal optimism spurred demand; Brent gained 1.7% to $63.91, WTI 1.85% to $61.02. Gold climbed 1.4% on weaker dollar.
