System Liquidity

Market liquidity improved to a ₦3.1 trillion surplus, supported by increased CBN SDF balances, while funding costs remained stable with OPR at 24.50% and O/N at 24.86%.

Treasury Bills

The NTB secondary market was mixed to bearish with cautious trading ahead of the NTB PMA, leading to a slight 1bp rise in the average benchmark rate to 16.12%.

FGN Bonds

The FGN bond market saw mixed-to-bullish trading with yield declines in short- to mid-term papers, while the average benchmark yield rose slightly by 2bps to 15.87%.

Eurobonds

The African Eurobond market turned bearish following President Trump’s remarks on militant attacks in Nigeria, sparking a sell-off that pushed the average Nigerian Eurobond yield up 7bps to 7.44%.

Nigerian Equities

The Nigerian equities market closed lower as the ASI fell 25bps, led by gains in UNIONDICON (+9.93%) and losses in HONYFLOUR (-10%), with UBA topping trading by volume and value; sectoral performance was mixed, Oil & Gas fell sharply (-394bps), Consumer Goods gained 49bps, Banking declined 22bps, and overall market turnover dropped 44.68% to $17.34 million.

Foreign Exchange

The Naira weakened by 103bps to ₦1,436.34/$, trading between ₦1,430.60/$ and ₦1,444.00/$, while Nigeria’s gross external reserves rose $24.7 million to $43.2 billion as of October 31, 2025.

Commodities

Global oil prices held steady, with Brent at $64.82/bbl and WTI at $60.99/bbl, as markets weighed OPEC+ supply plans against weak Asian data, while gold hovered around $4,000/oz ahead of U.S. payroll data and potential Fed rate cuts.

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