System Liquidity
Liquidity stayed strong, peaking at ₦7.1trn before closing near ₦5.7trn, supported by inflows despite auction outflows. Funding costs remained high, with the O/N at 24.89% and OPR at 24.50%.
Treasury Bills
The T-bills market opened mixed with sell-offs on the 03-Sep-2026, then turned bullish on strong liquidity, pulling long-dated yields lower. At week’s end, OMO PMA saw heavy demand but limited allotment, while NTB yields dipped 4bps w/w to 16.50%.
FGN Bonds
The FGN bonds market opened bullish after the September auction, where ₦576.62bn was allotted at attractive stop rates, spurring strong secondary demand and yield declines across mid- to long-tenors. Momentum eased later in the week as trading slowed, but sentiment stayed positive, with average benchmark yields down 24bps w/w to 16.27%.
Eurobonds
African Eurobonds traded mixed, lifted early by risk-on sentiment but pressured by weaker oil, with the Nigeria Nov-2027 easing 4bps to 6.36%. Midweek Fed-cut optimism spurred gains, though caution returned late; overall, yields fell 12bps w/w to 7.70%.
Nigerian Equities
The market posted a fourth straight weekly gain, as the ASI rose 1.0% w/w to 143,584.04 points, with MTD and YTD returns at +0.6% and +39.5%. Activity was mixed—volume rose 9.4% w/w while value turnover fell 76.6%—and sector performance was mostly positive, except Insurance, which slipped 2.0%.
Foreign Exchange
Robust offshore and IMTO inflows steadied the FX market, with the naira closing at ₦1,465.68/$ (+101bps w/w). External reserves extended gains, up $150.99m to $42.41bn.
Commodities
Oil fell for the week (-8.1%) despite Friday’s rebound, with Brent at $64.53 and WTI at $60.88. Gold gained 3.31% to $3,886.84/oz, marking a seventh straight weekly rise on shutdown fears and rate-cut expectations.
