System Liquidity
System liquidity expanded sharply to a ₦6.13 trillion surplus on the back of ₦2.14 trillion OMO maturities and higher SDF placements. Funding conditions stayed stable, with average funding cost 22.65%, OPR 22.50%, and OVN 22.79%.
Treasury Bills
The NTB secondary market remained quiet with subdued activity and balanced demand across tenors. Rates were flat along the curve, keeping the average benchmark Treasury bill rate unchanged at 16.86%, as investors focused on bond auction outcomes.
FGN Bonds
FGN bonds traded calm to positive, supported by selective buying, particularly on the mid-curve. Yield compression on the Feb-2034 paper drove the average benchmark yield 1bp lower to 16.73%, while most other maturities closed unchanged.
Eurobonds
African Eurobonds traded mixed to positive amid expectations of a Fed rate hold. Nigerian yields compressed modestly across maturities, led by the near and mid curve, pulling the average benchmark yield 2bps lower to 7.03%.
Nigerian Equities
Equities closed positive as the NGX All-Share Index gained 12bps, lifting YTD return to 6.5%. Market breadth improved, sector performance was mixed, and activity ticked slightly higher, though sentiment stayed cautious amid profit-taking and positioning ahead of the dividend season.
Foreign Exchange
The Naira posted its strongest gain in months, appreciating to ₦1,401.22/$ on robust foreign portfolio inflows. External reserves increased to $46.04 billion, reinforcing near-term stability in the FX market.
Commodities
Oil prices rallied on supply disruptions and slow production restarts, pushing Brent to $67.17/bbl and WTI to $62.07/bbl. Gold stayed elevated above $5,000/oz as persistent geopolitical and economic uncertainty sustained strong safe-haven demand despite intraday volatility.
