System Liquidity
Strong liquidity from CBN disbursements kept rates stable at 26.5%. OPR dropped slightly by 8bps to 26.50%, while the O/N rate eased 21bps to 26.96%.
Treasury Bills
Market opened Q3 with light but positive activity. Demand focused on short-term NTBs—September, October, and January bills—plus March 17 OMO. Trading volume increased slightly. The session closed with the NTB benchmark rate stable at 18.35%.
FGN Bonds
Bond trading was muted but supported by interest in Feb 2034s and a few trades in 2029s, 2031s, and 2033s. Despite low volume, average yields declined 21bps to 17.69%.
Eurobonds
African Eurobonds began Q3 cautiously. Early gains faded amid investor concerns over Powell’s comments, OPEC+ meeting, and U.S. tariff deadlines. Nigerian bonds held steady with yields flat at 8.60%.
Nigerian Equities
The ASI fell 20bps to 119,741.23 as DANGCEM dragged the market late. Breadth stayed strong (47 gainers vs 23 losers). Mixed sector performance: Industrials dropped, Consumer Goods rose. Value traded plunged 74.56% to $7.36m, mostly block trades.
Foreign Exchange
The Naira appreciated slightly by 1bp to ₦1,529.58/$ on solid dollar inflows. Trading was active between ₦1,521 and ₦1,531.50. FX reserves declined $108.95m to $37.21bn, though market liquidity remained healthy.
Commodities
Oil prices rose modestly ahead of the OPEC+ meeting—Brent at $67.11, WTI at $65.45. Gold jumped 1.1% to $3,338.24/oz as investors sought safety following the U.S. Senate’s passage of Trump’s major bill before tariff deadlines.
