System Liquidity
The week opened with robust system liquidity of ₦5.73trn from strong DMB placements at the CBN’s SDF window, while money market rates were mixed as the OPR held at 24.50% and the OVN inched up 12bps to 25.00%.
Treasury Bills
The NTB market opened mixed, with strong liquidity driving slight yield declines on select papers, while profit-taking lifted the 03 Sept 2026 bill, leaving the benchmark yield 1bp higher at 16.82%.
FGN Bonds
The FGN bond market began the week bullish ahead of the September PMA, with strong demand driving yield declines across key maturities, though mild sell-offs in some long-dated papers capped gains, leaving the average yield 17bps lower at 16.23%.
Eurobonds
The African Eurobond market opened the week bullish, shrugging off a 2% drop in global crude oil prices after OPEC+’s planned output hike, as risk-on sentiment ahead of U.S. data and FOMC speeches drove demand, pushing Nigeria’s Eurobond yields down 4bps to 7.78%.
Nigerian Equities
The Nigerian equities market opened higher, gaining 17bps on the NGX-ASI, supported by renewed interest in large-cap and mid-priced names. Market breadth was negative (23 gainers vs. 36 losers), with THOMASWY (+10.00%) and MANSARD (-10.00%) leading the charts, while FIRSTHOLDCO dominated activity with 47.49m units worth ₦1.47bn.
Foreign Exchange
The naira appreciated 29bps to ₦1,476.35/$, trading within a range of ₦1,475.00–₦1,486.50, while gross reserves rose by $30.21m to $42.26bn as of September 26, 2025.
Commodities
Oil prices declined on rising supply prospects, while gold surged to a record high above $3,800/oz on safe-haven demand driven by U.S. rate cut expectations, fiscal concerns, and geopolitical risks.
