System Liquidity
Liquidity remained elevated from ₦984.22B OMO maturities and fiscal inflows. The CBN absorbed ₦482.33B via OMO auction. Despite this, interbank rates stayed firm at 26.5%, showing resilience even after FGN bond settlements.
Treasury Bills
Trading was muted amid OMO auction activity. Focus was on long-dated NTBs and Dec–Apr OMOs. The ₦600B auction was oversubscribed, with ₦482.33B allotted at higher stop rates. NTB mid-rate declined 5bps to 19.39%.
FGN Bonds
Bond market activity was subdued, with weak demand across most tenors. Some trades occurred in 2029, 2031, 2033, and 2049 maturities. The benchmark mid-yield fell 6bps to 18.61% as the market digested recent auction outcomes.
Eurobonds
African Eurobonds rose modestly after Fed minutes revealed inflation concerns outweighing unemployment risks. Nigeria’s Eurobonds benefited from the bullish sentiment, with average yields declining 5bps to 9.55%.
Nigerian Equities
The ASI rose 27bps to 111,902.61 points, driven by gains in small-cap stocks and Consumer Goods. Value traded jumped 73.41% to $10.75M, led by MTNN and JAPAULGOLD. Market sentiment stayed positive with broad buying interest.
Foreign Exchange
The Naira weakened 44bps to close at ₦1,590.7471/$ amid limited volatility. The currency traded within a tight range of ₦1,589.50 to ₦1,595.00 in a calm NAFEM session.
Commodities
Oil rose over 1% after OPEC+ maintained output cuts and U.S. banned Chevron’s Venezuelan crude exports. Brent hit $65, WTI $61.97. Gold prices stayed flat, with investors awaiting Fed minutes.
