System Liquidity
Despite a ₦90.59 billion bond coupon inflow, interbank liquidity remained tight. OPR rose 9bps to 32.42%, and O/N climbed 16bps to 32.83%.
Treasury Bills
Market activity was subdued ahead of Wednesday’s NTB auction and MPC meeting, with limited interest in mid-tenor bills. Average NTB yield closed at 16.52% as investors remained cautious.
FGN Bonds
Bond market stayed bullish with steady demand, although some mid-tenors like 2031s and 2033s faced selling pressure. Average yields held firm at 16.30%.
Eurobonds
African Eurobonds gained as Fed dovishness and positive U.S. trade signals lifted sentiment. Nigerian Eurobond yields fell 8bps to 8.50%.
Nigerian Equities
Equities posted marginal gains; ASI rose 18bps to 131,826.77 points. Industrial stocks drove gains despite declines in banking tickers. Trade volume dropped 65.44%, with major block trades in PRESCO, WAPCO, and ACCESSCORP.
Foreign Exchange
The Naira held steady, closing at ₦1,532.54/$ amid light FX demand and CBN support. Nigeria’s gross reserves rose to $37.93 billion (as of July 18), gaining $84.38 million d/d.
Commodities
Oil prices dipped slightly on limited sanctions impact. Brent closed at $69.21. Gold surged 1.3% to $3,394.23/oz, buoyed by a softer dollar and falling U.S. bond yields.
