System Liquidity
Liquidity remained strong despite the CBN’s cross-currency settlement. Interbank rates held steady at 26.50%. FAAC approved ₦1.659tn for distribution, with ₦800bn expected to hit the system soon.
Treasury Bills
Increased demand post-auction drove activity, especially in new 1-year bills at 17.90% and select OMO maturities. Overall, strong buy interest pushed the NTB benchmark rate down 38bps to close at 18.89%.
FGN Bonds
Bond trading was quiet with selective demand in mid-tenor papers, especially May 2033s. Investors positioned ahead of the upcoming auction. Benchmark yields fell 17bps to 18.26%.
Eurobonds
Investor sentiment weakened due to Middle East tensions and Fed growth warnings. Light holiday flows added to muted activity. Nigerian Eurobonds underperformed, with average yields rising 8bps to 9.00%.
Nigerian Equities
The ASI gained 0.92% to 117,861.13, led by tier-1 banks and consumer stocks. Broad sector gains and positive breadth (43 gainers vs. 20 losers) lifted YTD returns to 14.51%. Turnover dipped 15.31% to $14.17m.
Foreign Exchange
The Naira appreciated slightly by 1bp to ₦1,549.42 as CBN intervention stabilized the FX market. Despite stronger demand, NFEM remained liquid, with trades ranging between ₦1,546.00 and ₦1,553.99. FX reserves stood at $37.78bn.
Commodities
Oil prices jumped nearly 3% on Israel-Iran conflict escalation, hitting highest levels since January. Brent closed at $78.85, WTI at $77.20. Gold held steady as geopolitical fears balanced the Fed’s hawkish outlook.
