System Liquidity
Interbank system liquidity remained broadly stable throughout the week, supported by continuous DMB placements at the CBN’s SDF window and coupon inflows from FGN bonds, while funding rates ended slightly higher, with the OPR steady at 24.50% and the overnight rate rising marginally to 24.86%.
Treasury Bills
The NTB secondary market traded mixed but mildly bullish, supported by ample liquidity and moderate demand, closing the week with the average benchmark yield stable at 16.09%.
FGN Bonds
The FGN Bond market remained largely quiet, with activity concentrated around the October PMA and selective maturities, resulting in a slight week-on-week increase in the average benchmark yield to 15.93%.
Eurobonds
The African Eurobond market traded mixed to bullish, supported by improved global sentiment and oil prices, closing the week with the average Nigeria benchmark yield down 22bps w/w to 7.37%.
Nigerian Equities
The Nigerian local bourse recorded a bearish week, as profit-taking and cautious investor sentiment from mixed corporate earnings led to a 0.98% w/w decline in the All-Share Index to 154,126.45 points, with MTD and YTD returns moderating to +8.0% and +49.7%, respectively, despite a 102.7% w/w rise in average trading volume and 12.2% w/w increase in value, while sectoral performance was largely negative except for a modest gain in Oil & Gas.
Foreign Exchange
The Nigerian naira strengthened by 2.48% w/w to close at ₦1,421.73/$, driven by increased USD inflows from Foreign Portfolio Investors that boosted market liquidity and eased demand pressures, while external reserves rose by $230.4 million to $43.2 billion.
Commodities
Oil prices ended the week lower, retreating after a brief spike on reports of potential U.S. airstrikes on Venezuela, with Brent settling at $64.77/bbl and WTI at $60.98/bbl, while gold declined amid uncertainty over another U.S. Fed rate cut, closing at $4,002.28/oz but remaining on track for a third consecutive monthly gain.
