System Liquidity
System liquidity opened with a surplus balance of ₦560.22 billion, a significant decline of ₦4.07 trillion due mainly to OMO sales despite notable SDF placements and bond coupon inflows. Funding costs inched up slightly as the Overnight Rate rose while the Open Repo Rate remained flat.
Treasury Bills
The NTB market trading activity was subdued and rates were largely flat across short‑to‑mid maturities, but buying at the long end drove notable compressions: the 03‑Dec‑26 bill fell 104bps to 16.52%, and the 07‑Jan‑27 bill dropped 72bps to 16.33%. The average benchmark NTB rate declined 15bps to 16.69%.
FGN Bonds
The FGN bond market traded calmly to mildly bullish, with selective buying interest at the mid-to-long end offsetting muted activity elsewhere. Yield movements were mixed, with slight compression at several mid-curve maturities nudging the average benchmark yield down 7bps to 16.64%
Eurobonds
African Eurobonds traded on a bearish note as investors engaged in profit-taking ahead of global macroeconomic events. Nigerian maturities experienced yield expansions across both short- and long-end papers, pushing the average Nigerian Eurobond benchmark yield from 16bps to 7.23%.
Nigerian Equities
The equity market closed positive with the ASI gaining 22bps, lifting YTD to 6.37%, as four major indices advanced while Industrial Goods was flat. Market activity showed mixed performance among leading gainers, laggards, and sector indices, with banking stocks driving a large share of turnover.
Foreign Exchange
The Naira appreciated against the U.S. dollar due to strong inflows from foreign portfolio investors and local participants, trading within a defined intraday band before settling at ₦1,396.99/$. External reserves also grew by $47.80 million to reach $46.11 billion.
Commodities
Oil prices rose to five‑month highs amid supply concerns, with Brent +4.49% ($70.53/bbl) and WTI +3.16% ($65.21/bbl). Gold fell early on profit‑taking but partially recovered; spot gold was ‑127bps to $5,331.83/oz while U.S. gold futures were +99bps to $5,393.29/oz.
