System Liquidity
System liquidity rose ₦446.13bn w/w to ₦2.085trn, supported by NTB and OMO maturities despite CRR debits. Interbank rates stayed stable near 26.5%, with OPR flat at 26.50% and O/N easing 4bps to 26.96%.
Treasury Bills
The NTB market was quiet, with selective interest in Dec, Feb, Mar, and Apr maturities. OMO demand persisted but wide bid-ask spreads limited deals. Overall, yields inched up 7bps w/w, closing at 17.23%.
FGN Bonds
Bonds traded bullish all week with focus on 2027s, 2029s, 2031s, and 2033s. Strong mid-dated demand drove yields lower, with average mid-yield down 53bps w/w to 16.47%.
Eurobonds
African Eurobonds gained as weak U.S. jobs and firm inflation data cemented Fed cut bets. Nigerian papers firmed, with average mid-yields down 3bps w/w to 7.84%, despite midweek volatility and rising geopolitical risks.
Nigerian Equities
Equities rebounded, buoyed by tier-one banks and select large caps. ASI gained 113bps w/w, supported by bargain hunting, corporate actions, and positive sentiment, despite DANGCEM and TRANSCORP selloffs. Market momentum improved overall.
Foreign Exchange
The naira strengthened on robust FPI, oil inflows, and CBN interventions. Rates appreciated 88bps w/w to ₦1,501.4991/$, with trades closing ₦1498–₦1503.50/$. FX reserves rose $125.55m to $41.66bn.
Commodities
Oil prices rose modestly on supply disruption from Russian port strike, though U.S. demand concerns capped gains. Brent closed at $66.99, WTI $62.69. Gold hit near-record highs at $3,648, marking its fourth straight weekly gain.
