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.
