System Liquidity

System liquidity remained strong despite two ₦600bn OMO auctions and net CRR debits. Inflows from OMO maturities, Sukuk allocations, and disbursements offset tightening efforts. Interbank rates stayed stable; OPR closed flat at 26.50%, O/N rose slightly.

Treasury Bills

Mixed activity dominated the bills market. Two OMO auctions attracted ₦1.84tn in bids, with allotments of ₦1.61tn at higher stop rates. Trading was bullish midweek but waned later. Benchmark NTB mid-rate dropped 11bps to close at 19.41%.

FGN Bonds

Muted trading opened the week ahead of the DMO’s ₦300bn bond auction. Strong demand drove yields lower, and unmet interest boosted secondary market activity midweek. Overall, bond yields eased 18bps w/w to average 18.57%.

Eurobonds

Nigeria’s Eurobonds gained despite U.S. rate hike concerns and OPEC+ production risks. A late rally followed the U.S. court’s tariff reversal. Overall, average mid-yields compressed 30bps w/w to 9.43%.

Nigerian Equities

The ASI rose 249bps w/w, led by AIRTELAFRI’s 10% rally and rebound in SEPLAT. Strong trades in UBA, MTNN, and BUAFOODS signaled investor confidence. Several stocks hit 52-week highs.

Foreign Exchange

Naira depreciated 36bps w/w to ₦1,586.15 amid high demand. CBN intervened with $120m, moderating volatility. Trades ranged between ₦1,575–₦1,595, while reserves fell by $85.93m to $38.46bn. Exporter flows and local demand shaped market direction.

Commodities

Oil fell as markets braced for OPEC+ output hikes. Brent settled at $63.90, WTI at $60.79. Gold slid 1.9% w/w to $3,293.59 on dollar strength and tempered inflation, despite Fed rate cut hopes and tariff developments.

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