System Liquidity
Interbank liquidity improved, remaining positive despite NTB auction settlement. This stability kept the Overnight Policy Rate at 26.50%, while the Overnight (O/N) rate rose slightly by 6bps to 26.96%.
Treasury Bills
NTB secondary market activity improved from auction spillover. The 1-year traded at 19.30%. Auction was oversubscribed by ₦671.58bn, with DMO allotting more than planned. Stop rate for 364-day dipped to 19.56%. NTB mid-rate eased 5bps.
FGN Bonds
Bond market remained quiet with limited activity in mid-to-long tenors. Bearish sentiment persisted ahead of the ₦300bn May auction. Traders focused on Feb 2031s and May 2033s. Benchmark mid-yield closed at 18.78%, slightly below previous session.
Eurobonds
African Eurobonds weakened on macro pressures and US rate fears. Oil declined as OPEC+ mulled output hike. US 30-year yields hit 20-year highs. Late gains followed dovish Fed comments, but Nigerian Eurobond yields rose 9bps to 9.67%.
Nigerian Equities
Nigerian equities fell again; ASI dropped 40bps to 109,183.02, YTD now 6.08%. Breadth negative: 23 gainers, 34 losers. Banking and consumer stocks led the decline. Trading rose 47% to $12.01m on block deals, but sentiment stayed bearish.
Foreign Exchange
The Naira traded within $/₦1,582.00–₦1,588.50 at the NFEM window. It closed slightly weaker at $/₦1,584.9542, down 3bps.
Commodities
Oil prices declined as OPEC+ considered a July supply hike. Brent dropped 1.02% to $64.25, WTI fell 0.83% to $61.06. Gold retreated 0.6% to $3,295.21/oz as dollar strength and profit-taking reversed earlier session highs.
