System Liquidity
Liquidity remained tight, keeping interbank rates elevated. The Overnight Policy Rate (OPR) edged up by 8bps to 32.25%, while the Overnight (O/N) rate dipped slightly by 9bps to 32.58%.
Treasury Bills
T-bills market was quiet with low volumes. Interest was limited to the 5-Mar, 9-Jul NTBs and 17-Mar OMO bills. Investors remained cautious, seeking better yields. The average NTB benchmark rate declined slightly by 5bps to close at 16.24%.
FGN Bonds
Bond market remained bearish with cautious sentiment. Light trading occurred in Feb 2031s, May 2033s, and Feb 2034s amid wide bid-ask spreads. Activity was muted and yields held flat at an average of 16.35%.
Eurobonds
African Eurobonds traded mixed-to-bearish as falling oil prices and U.S. policy uncertainties dampened sentiment. Nigerian Eurobond yields rose 4bps to 8.74%, as Trump denied plans to remove Fed Chair Powell but left markets uneasy with ambiguous statements.
Nigerian Equities
The ASI surged 180bps to 128,967.08 points on strong gains in banks and consumer stocks. A massive ₦324.47 billion cross in FIRSTHOLDCO boosted volumes. Banking and industrial indices soared, though Oil & Gas dipped. Market value traded spiked over 1000% to $237.49 million.
Foreign Exchange
FX market tightened as demand rose, weakening the Naira by 75bps to ₦1,530.26/USD. Trading ranged between ₦1,527 and ₦1,533. Despite this, reserves climbed by $206.6 million to $37.63 billion as of July 14, 2025.
Commodities
Oil prices dipped slightly due to U.S. fuel build and tariff worries. Brent closed at $68.52, WTI at $66.38. Gold spiked 1% to $3,354.01 on reports Trump might fire Fed Chair Powell, though gains softened after he denied taking immediate action.
