System Liquidity
System liquidity improved sharply to ₦2.21tn, driven by sizeable OMO maturities inflows despite SLF borrowings. Funding costs edged higher, with the OPR closing at 22.50% and the OVN rate rising to 22.70%.
Treasury Bills
The NTB market traded calm to mixed, with buying interest at the long end driving rate compression on Jan-27 bills. However, mid-tenor sell pressure pushed rates higher, lifting the average benchmark rate by 3bps to 16.49%.
FGN Bonds
The FGN bond market traded mixed to bearish amid cautious investor sentiment. Selling pressure dominated mid- to long-dated papers, lifting the average benchmark yield by 11bps to 16.81%, despite mild buying interest at select tenors.
Eurobonds
African Eurobonds traded bullish, supported by softer U.S. CPI data and lower Treasury yields. Nigerian Eurobonds recorded broad-based gains, with yield compression across maturities pushing the average benchmark yield down by 9bps to 7.20%.
Nigerian Equities
The Nigerian equity market closed firmly positive, with the ASI rising 159bps and YTD returns reaching 6.57%. Market breadth was strong as gainers significantly outnumbered decliners. Banking stocks led sectoral gains, supported by robust interest in UBA, FIDELITYBK and ZENITHBANK. Consumer goods, oil and gas, and industrial stocks also advanced. Turnover surged, driven by large block trades, particularly in MTNN, reinforcing positive market sentiment.
Foreign Exchange
The naira appreciated by 13bps to ₦1,419.66/$ at the NFEM, supported by improved FX supply and liquidity. External reserves rose by $65.07m to $45.74bn, reinforcing short-term currency stability.
Commodities
Oil prices surged on heightened concerns over Iranian supply disruptions, while gold and silver hit record highs on rate-cut expectations and geopolitical risks, sustaining strong safe-haven demand amid persistent global uncertainty.
