System Liquidity
Interbank liquidity stayed strong and stable, keeping OPR and O/N rates around 26.5%. The CBN’s OMO auction was oversubscribed despite midweek tightening. System liquidity fell slightly week on week amid OMO maturities, bond inflows, and unchanged MPC policy stance.
Treasury Bills
Activity was muted as focus shifted to the NTB auction. Stop rates dropped slightly, especially on 364-day bills. Post-auction, demand increased briefly, but wide bid/ask spreads limited trades. NTB benchmark rates rose 6bps w/w to 19.52%.
FGN Bonds
Bond trading was quiet as investors awaited a ₦300bn auction. Activity focused on mid-curve papers, especially 2031s and 2033s. Bearish sentiment persisted despite light cherry-picking. Benchmark average mid-yield dipped 9bps w/w to close at 18.75%.
Eurobonds
African Eurobonds saw mixed trading amid U.S. rating downgrades and geopolitical risks. Nigerian bonds strengthened due to bargain hunting. Sentiment improved midweek after dovish Fed comments. Nigerian Eurobond yields dropped 1bp w/w to average 9.73%.
Nigerian Equities
The equities market dipped 0.62% w/w to close at 109,028.62 points, reversing last week’s gains. Selloffs in key stocks weighed down performance, despite rebounds in NESTLE and PRESCO. Offshore and local participation remained active. Notable highlights included rights issues and stock reclassifications.
Foreign Exchange
The naira appreciated 1.14% w/w to ₦1,580.44/$, supported by CBN’s $190.4m intervention and improved supply. Trading stayed within the ₦1,575–₦1,610 range. Foreign reserves rose by $182.79m to $38.56bn, while foreign inflows boosted midweek FX activity.
Commodities
Oil rose as U.S. traders adjusted positions ahead of Memorial Day, and Iran-U.S. tensions added pressure. Brent closed at $64.78/bbl. Gold surged 2.1% to $3,362.70/oz, gaining 5.1% weekly, driven by U.S. tariff fears and dollar weakness.
