System Liquidity
System liquidity began the week with a ₦4.68 trillion surplus, an improvement of ₦360.49 billion driven mainly by higher DMB placements at the CBN’s SDF window. Average funding cost remained flat at 22.65%, with OPR steady at 22.50% and OVN slightly higher at 22.79%.
Treasury Bills
The NTB market traded in a calm and neutral pattern, with most maturities unchanged due to balanced demand and supply. A slight decline was seen at the long end, where the February 2027 bill dipped by 16bps to 15.86%, leaving the average benchmark rate marginally lower at 16.10%.
FGN Bonds
FGN bonds traded in a mixed but generally calm manner as modest yield movements shaped activity across the curve. The average benchmark yield increased slightly by 2bps to 16.01% following mild selling pressure at the belly of the curve and selective demand at other maturities.
Eurobonds
African Eurobonds opened the week mildly positive as softer U.S. CPI supported expectations of an earlier Fed rate cut. Nigerian Eurobonds saw selective buying, with Jan 49 yields dropping 2bps to 8.24%, while average benchmark yields remained unchanged at 7.02%.
Nigerian Equities
The Nigerian equities market closed positive as the ASI advanced by 436bps, lifting year to date gains to 22.27%. Market breadth was strong with 56 gainers against 27 losers, and ACCESSCORP led trading volume at 86.72 million shares.
Foreign Exchange
The Naira appreciated by 56bps to close at ₦1,347.78/US$, supported by improved FX supply after previous demand pressures. Intraday trading ranged between ₦1,342.50/US$ and ₦1,353.00/US$, while external reserves increased by $135.76 million to $47.81 billion.
Commodities
Oil prices edged higher, with Brent rising 95 cents to about $68.70/bbl and WTI increasing to around $63.81/bbl amid expectations surrounding U.S.–Iran talks and OPEC+ supply dynamics. Gold prices declined slightly, with spot gold slipping 49bps to $4,995.68/oz and futures down 45bps to $5,016.31/oz due to improving risk sentiment.
