System Liquidity
System liquidity improved to a ₦3.0 trillion surplus driven by higher SDF placements, resulting in easing funding rates with average rates down to 22.63%
Treasury Bills
The T-bills market traded quiet/neutral ahead of the NTB auction, where stop rates were mostly unchanged except for a sharp rise on the 364-day paper to 17.50%.
FGN Bonds
he FGN bond market was largely muted/flat, with only marginal movements at the belly of the curve and benchmark yields closing flat at 15.60%.
Eurobonds
African Eurobonds traded bullishly overall, supported by Fed rate-cut expectations, leading to an 11bps decline in Nigerian Eurobond yields to 7.23% on average.
Nigerian Equities
The Nigerian equities market closed positively, with the ASI up 27bps and broad sector gains except for the Oil & Gas Index, supported by strong market breadth.
Foreign Exchange
The FX market saw the Naira weaken slightly, depreciating by 16bps to ₦1,447.65/$ despite an increase in external reserves to $44.9 billion.
Commodities
Oil and precious metals recorded modest gains, with Brent up 0.82%, WTI up 1.07%, and gold prices edging higher on increased expectations of a U.S. rate cut.
