System Liquidity
Market liquidity remained strong at ₦7.11 trillion, keeping the OPR at 24.50% and the Overnight Rate at 24.88%.
Treasury Bills
The Treasury bill market remained bullish on strong liquidity, with long-tenor bills in high demand, pushing the benchmark yield down 1bps to 16.50%.
FGN Bonds
The FGN bond market traded mixed, with short-term papers sold off and mid-term bonds in demand, resulting in the average benchmark yield edging down 1bps to 16.33%.
Eurobonds
The African Eurobond market traded mixed, with Nigerian yields dipping 1bp to 7.75% amid softer oil prices and expectations of a U.S. Fed rate cut.
Nigerian Equities
The Nigerian stock market rebounded after the Independence holiday, with the NGX-ASI rising 15bps on broad-based gains, led by PZ (+10.00%) and high trading in UBA (152.1m units, ₦6.5bn)
Foreign Exchange
The Naira strengthened, gaining 136bps to close at ₦1,455.24/USD, trading between ₦1,445.00 and ₦1,468.00, while Nigeria’s gross reserves held steady at $42.33 billion.
Commodities
Oil prices fell for a fourth consecutive day, with Brent at $64.21 and WTI at $60.59 per barrel on oversupply concerns, while gold retreated from record highs, with spot gold at $3,847.78/oz following cautionary comments from the Dallas Fed President.
