System Liquidity
System liquidity moderated to ₦3.97 trillion as increased placements at the CBN’s SDF window tightened conditions slightly, pushing funding rates higher with OPR at 22.50% and O/N at 22.80%.
Treasury Bills
The NTB market held a calm positive tone ahead of the auction, with limited secondary activity except a sharp 102bps drop on the 20-Aug-26 bill that pulled the average NTB discount rate down by 7bps to 16.27%.
FGN Bonds
The FGN bond market traded mixed but skewed bearish, with significant sell pressure at the short end widening yields, selective demand easing mid-tenor bonds, and overall benchmark yields rising by 9bps to 16.70%.
Eurobonds
African Eurobonds strengthened as a third consecutive Fed rate cut boosted demand, lowering yields across most sovereign curves and nudging Nigeria’s benchmark yield down by 1bp.
Nigerian Equities
The equity market closed slightly negative as the NGX-ASI dipped 5bps amid mixed sector performance, softer trading activity, and a marginally positive market breadth of 28 gainers to 22 losers.
Foreign Exchange
The naira weakened slightly to ₦1,455.38/$ as demand pressures persisted despite CBN intervention, while external reserves improved to $45.38 billion.
Commodities
Global oil prices rose on supply concerns following the U.S. seizure of a Venezuelan tanker, with Brent and WTI edging higher, while gold rebounded after the Fed’s rate cut and silver hit a record high amid ongoing uncertainty over next year’s policy outlook.
