System Liquidity
System liquidity remained robust, rising from ₦3.8 trillion to a mid-week peak of ₦5.90 trillion. Despite, average funding costs went slightly higher by 7bps with OPR at 24.50% and overnight at 24.92%.
Treasury Bills
The NTB market traded bullish throughout the week as strong system liquidity and sustained demand pushed yields sharply lower, with average benchmark yields falling 30bps w/w to 15.76%.
FGN Bonds
FGN bonds recorded broad yield compression of 18bps w/w to 15.59%, with short- to mid-tenor papers such as the 2027s, 2028s, and 2032–2034s leading the declines.
Eurobonds
African Eurobonds closed bullish with Nigeria’s average benchmark yield dropping 24bps w/w to 7.46%, including declines in key papers like the 2029s (6.93%) and 2033s (7.85%).
Nigerian Equities
The NGX ASI fell 1.68% w/w to 148,977.64 points, pulling year-to-date returns to 42.83% as CGT-related selloffs hit names like DANGCEM, BUACEMENT, MTNN, ARADEL, amongst many others.
Foreign Exchange
The naira weakened by ₦5.85 w/w to close at ₦1,442.43/$ in the NFEM market, while external reserves increased to $43.54 billion.
Commodities
Brent crude rose 1.2% w/w to $64.39 and WTI gained 1.1% w/w to $60.39, while spot gold increased 2.0% w/w to $4,079.58/oz despite a 3% Friday decline.
