System Liquidity
The money market remained largely stable this week, with system liquidity rising from ₦810.33 billion to ₦3.12 trillion, supporting lower short-term rates as the OPR fell to 24.50% and the Overnight Rate to 24.83% despite brief outflows from OMO and NTB auctions.
Treasury Bills
The NTB secondary market traded mixed but mildly bearish this week, supported by strong liquidity, with early-week buying lowering yields, midweek NTB auction allotments slightly higher at 16.14%, late-week profit-taking pushing some mid- to long-dated bills up, and the average benchmark yield edging up 3bps to 16.09% w/w.
FGN Bonds
The FGN bond market remained quiet and cautious this week ahead of the October PMA, with selective demand in short- and mid-tenor papers, minor midweek yield declines, late-week focus on mid-tenor bonds, and overall moderate yield compression, bringing the average benchmark yield down 4bps w/w to 15.93%.
Eurobonds
The African Eurobond market ended the week bullish, supported by easing U.S.–China trade tensions, rising oil prices, and softer U.S. inflation, with the Nigeria Eurobond average yield falling 20bps to 7.59% w/w.
Nigerian Equities
The Nigerian equities market extended its bullish run this week, with the ASI rising 448bps to 155,645.05 points, supported by gains in key stocks like MTNN, DANGCEM, and BUACEMENT, increased trading activity, mixed sector performance, and 44 stocks appreciating versus 52 declining, reflecting heightened investor participation and optimism.
Foreign Exchange
The FX market remained largely stable this week, supported by steady FPI inflows and ample system liquidity, with the naira appreciating from ₦1,465.29/$ to ₦1,457.96/$, limited CBN intervention, and external reserves rising by $169.68 million to $42.87 billion, reinforcing overall market stability.
Commodities
Oil prices rebounded during the week but closed lower on Friday amid doubts over U.S.–Russia sanctions, while gold pared losses after softer U.S. inflation data yet still recorded its first weekly decline in 10 weeks, reflecting cautious investor sentiment.
