System Liquidity
System liquidity improved by ₦242.1bn to ₦1.5tn, barring significant funding activities. Funding rates were mixed, as the OPR fell 10bps to 26.4% while the Overnight rate inched up 10bps to 26.98%.
Treasury Bills
The NTB secondary market closed bearish despite robust liquidity, as mid- to long-tenor papers such as the 08 Jan 2026, 07 May 2026, and 04 Jun 2026 saw yields rise by up to 14bps. A few maturities, however, recorded slight declines, leaving the average benchmark yield 3bps higher at 17.75%.
FGN Bonds
The FGN bond market closed mixed with a slight sell bias, as gains at the mid- and long-end offset declines at select short-tenor papers. Overall, the average benchmark yield rose 2bps to 16.18%.
Eurobonds
Africa Eurobonds rebounded as investors reacted to the Fed’s decision to hold interest rates, while Nigerian Eurobonds traded flat with average yields inching up 1bp to 8.15% ahead of the August 1 deadline.
Nigerian Equities
The NGX closed July on a positive note, extending its winning streak to 21 sessions as the All-Share Index gained 42bps to 139,863.52 points, pushing year-to-date returns to 35.89%. Gains in WEMABANK, UACN, DANGCEM, ARADEL, ZENITHBANK, and MTNN offset losses in NAHCO, FIRSTHOLDCO, HONYFLOUR, WAPCO, and OANDO, while trading volume rose 20.3% to 1.1bn shares despite a 4.94% dip in value to ₦33.6bn.
Foreign Exchange
The Naira traded moderately at the Nigerian interbank NFEM, with the USD/NGN rate ranging between ₦1,533.0 and ₦1,535.0. It appreciated slightly by 6bps to close at an average of ₦1,533.55/$, while Nigeria’s gross foreign reserves rose to $39.36 billion as of July 30, 2025, reflecting a daily increase of $93.2 million.
Commodities
Global oil prices fell as investors weighed supply risks from President Trump’s tariff push and a surprise build in U.S. crude stocks, with Brent down 79 cents to $71.68 and WTI off 82 cents to $69.18. Meanwhile, gold rose as a safe-haven, with spot prices up 0.65% to $3,295.79 and U.S. futures closing 0.38% higher at $3,348.52.
