System Liquidity
The CBN’s ₦1.51 trillion OMO allotment caused a ₦1.14 trillion liquidity withdrawal, reducing system liquidity to ₦706.49 billion. However, infrastructure inflows and bond coupon payments offered relief. OPR and O/N rates were stable, while NTB auction saw strong demand.
Treasury Bills
Early-week T-bills trading was quiet as focus shifted to the OMO auction. Late-week NTB auction saw strong demand with falling stop rates, spurring secondary market interest. Improved sentiment drove a 13bps w/w drop in average yield to 19.41%.
FGN Bonds
The bonds market was quiet, with selective interest in mid-tenors. Despite improved offers, trade volumes were low, and yields remained stable. Overall, the average benchmark bond yield dipped marginally by 1bp to close at 18.56%.
Eurobonds
Nigeria’s Eurobonds rallied on Moody’s rating upgrade and strong U.S. data, tightening yields by 26bps to 9.17%. Although late-week profit-taking trimmed gains, sentiment remained positive despite global risks, with Nigeria outperforming peers.
Nigerian Equities
The NGX gained 2.57% w/w, buoyed by MTNN’s all-time high, tier-1 banking stocks, and bargain hunting. Offshore and local investors were active, while off-market trades and 52-week stock highs reinforced bullish sentiment. T+2 settlement begins Nov 2025.
Foreign Exchange
The Naira appreciated 2.08% w/w to ₦1,553.12/$, supported by strong FX inflows and improved market liquidity. Trades ranged from ₦1,535–₦1,560. NAFEX fixing dropped to a two-month low. Foreign reserves slipped $121 million to $38.33 billion.
Commodities
Oil prices rebounded as U.S.-China trade talks resumed, easing tensions. Brent rose to $65.21, WTI to $63.23. Gold fell 0.7% as safe-haven demand declined. Silver surged to a 13-year high above $35 on bullish sentiment.
