System Liquidity
System liquidity opened at ₦4.63 trillion, reflecting a decline of ₦1.49 trillion due to the settlement of ₦1.54 trillion in bond sales outweighing higher placements in the SDF window. Funding costs were stable, with the OPR at 22.50% and the OVN at 22.79%, keeping the average at 22.65.
Treasury Bills
The NTB secondary market was quiet and mixed, with most maturities closing flat due to limited trading activity. The 07 Jan 27 bill recorded a modest yield drop of 31bps to 17.05%, providing slight support to the long end of the curve. Average benchmark rates eased marginally by 3bps to 16.84%.
FGN Bonds
The FGN bond market traded calmly with mild positivity, supported by selective buying interest across a few maturities. The most significant movement came from the 21 Feb 34 bond, which saw a sharp 41bps yield drop to 17.11%, pulling the average yield down by 2bps to 16.71. Most other points across the curve remained largely unchanged.
Eurobonds
The African Eurobond market traded bearish as investors took profit ahead of the anticipated U.S. Federal Reserve decision. Nigerian maturities saw yield expansions, with the Feb 2030 paper rising by 7bps to 6.16%, and the Mar 2029 and Feb 2032 maturities increasing by 5bps each. The overall Nigerian benchmark Eurobond yield rose by 4bps to 7.07%.
Nigerian Equities
The equity market closed negative, with the ASI falling by 33bps and YTD return moderating to 6.14. Sectoral performance weakened across banking, consumer goods, and oil and gas, despite isolated gains in a few stocks. Market activity remained subdued, driven mainly by trades in ZENITHBANK, GTCO, and MTN.
Foreign Exchange
The Naira appreciated by ₦0.74, closing at ₦1,400.48/$, supported by sustained inflows from both foreign and domestic participants
It traded within an intraday band of ₦1,392/$ to ₦1,415/$, reflecting improved supply conditions in the market.
Commodities
Oil prices reached their highest levels since late September, supported by storm driven U.S. output disruptions and a weaker dollar, with Brent at $67.17 per barrel and WTI at $62.07. Gold prices rose above $5,300/oz for the first time, boosted by economic uncertainty and anticipation around the Federal Reserve’s policy direction
