System Liquidity
System liquidity opened with a ₦2.47 trillion surplus, an improvement of ₦221.46 billion driven by increased DMB placements at the CBN SDF window to ₦2.65 trillion. Despite a ₦283.74 billion liquidity outflow from NTB maturities and settlement, average funding cost edged slightly lower to 22.65%, with OPR at 22.50% and OVN at 22.80%.
Treasury Bills
The NTB market closed bullish as strong demand lowered discount rates across most maturities, with notable declines of 105bps (05 Mar 26), 86bps (07 May 26), 94bps (08 Oct 26), and 123bps (05 Nov 26). These movements pushed the average benchmark rate down by 53bps to 16.21%.
FGN Bonds
The FGN bond market ended bullish due to strong demand across short to mid tenor bonds, with yield drops of 12bps (17 Mar 27), 8bps (20 Mar 27), and up to 124bps (17 Apr 29). These declines pulled the average benchmark yield down by 17bps to 16.13%.
Eurobonds
African Eurobonds traded bearish as investors reacted to global macro data and geopolitical tensions, with Nigeria seeing broad selling pressure. Yields expanded across most Nigerian papers, with Feb 32 rising 7bps to 6.94%, while the average Nigerian Eurobond benchmark yield increased by 4bps to 7.10%.
Nigerian Equities
The Nigerian equities market maintained positive sentiment, with the ASI gaining 1.18% and YTD performance reaching 9.25%. Market breadth was strong with 54 gainers vs. 19 decliners, supported by robust trading activity led by ACCESSCORP (106.6 million shares) and GEREGU (₦2.8 billion value).
Foreign Exchange
The naira weakened by 0.57% (₦7.77) against the dollar, closing at ₦1,366.06/$, driven by profit taking and demand pressures. External reserves stood at $46.81 billion, reflecting a $106.24 million day on day increase.
Commodities
Oil prices fell more than 3%, with Brent at $67.78/bbl and WTI at $63.58/bbl as easing geopolitical risks reduced supply concerns. Gold also declined, with spot prices dipping 185bps to $4,871.63/oz and U.S. futures down 121bps to $4,890.95/oz amid a stronger dollar.
