System Liquidity
Liquidity improved from state infrastructure disbursements, supporting stable interbank rates. Despite a ₦600bn OMO auction, bids reached ₦1.53trn, with ₦1.51trn allotted. The OPR held at 26.50%, and the O/N rate closed at 26.94%.
Treasury Bills
OMO auction dominated the week, attracting ₦1.53trn in bids. Allotments hit ₦1.51trn at stop rates of 24.20% and 24.64%. Secondary market activity was muted, with benchmark NTB yields steady at 19.40%.
FGN Bonds
Bond trading was moderate, mainly in Feb 2031s and May 2033s. Limited interest kept yields flat, with the average mid-yield unchanged at 18.58%.
Eurobonds
Nigeria’s Eurobonds rallied as Moody’s upgraded its rating to B3, citing improved fiscal/external metrics. Gains persisted despite U.S.-China tariff tensions, pushing average mid-yields down 9bps to 9.34%.
Nigerian Equities
Market closed positive, ASI up 25bps to 112,015.96. Gains in select heavyweights outweighed broader losses. FIDELITYBK led trading. Sector performance was mixed, with Oil & Gas gaining while Banking and Consumer Goods indices dipped.
Foreign Exchange
The naira appreciated 29bps to ₦1,581.59/$ on strong liquidity and NAFEM activity. The USD/NGN pair traded within a tight range of ₦1,579 to ₦1,584.
Commodities
Oil surged ~3% on Canada wildfire supply fears and dollar pressure from Trump tariffs. Brent hit $64.63. Gold spiked 2.5% to $3,372.13 amid dollar weakness and rising geopolitical tensions.
