System Liquidity
System liquidity stayed broadly stable as inflows from maturities and DMB placements offset heavy OMO and NTB settlements, ending the week at ₦1.3tn with funding rates slightly lower w/w.
Treasury Bills
The NTB market traded mildly bullish, with strong liquidity keeping yields largely stable and ending the week 5bps lower at 15.67%.
FGN Bonds
FGN bonds opened bullish on lower inflation but softened mid-week on heavier supply expectations, ultimately closing with benchmark yields 9bps lower w/w.
Eurobonds
African and Nigerian Eurobonds traded mixed-to-bullish, supported by softer U.S. data and improved risk sentiment, with Nigeria’s average Eurobond yield easing 2bps w/w to 7.78%.
Nigerian Equities
The equities market extended its bearish trend for a fourth week, with the ASI down 224bps due to persistent negative sentiment and widespread sectoral declines.
Foreign Exchange
The naira weakened to ₦1,456.72/$ due to strong demand pressure despite CBN interventions, while external reserves rose by $549m to $44.2bn.
Commodities
Oil prices fell to one-month lows on geopolitical developments and rate uncertainty, while gold dipped slightly as markets priced in a potential December U.S. rate cut.
