System Liquidity
System liquidity opened with a surplus of ₦3.02 trillion, representing a decline of ₦2.24 trillion from the previous session due to significant placements at the CBN’s SDF window totaling ₦2.96 trillion. Average funding costs closed high at 22.67%, with OPR at 22.50% and OVN at 22.83%.
Treasury Bills
The NTB secondary market traded quietly as investors focused on the day’s auction, with rates largely stable across most maturities. The long-end 04 Feb 27 bill declined by 15bps to 15.40%, while the average benchmark rate edged down marginally by 1bp to 16.06%.
FGN Bonds
The FGN bond market traded mildly bullish, with selective buying interest causing modest yield compression in mid-tenor maturities. Notable declines occurred in the 15 May 33 (16.13%), 21 Feb 34 (16.37%), and 18 Jul 34 (16.27%) bonds, contributing to an overall average benchmark yield decrease of 5bps to 15.96%.
Eurobonds
African Eurobond markets traded bullish with firm demand driving yield compression across most sovereign curves. Nigerian Eurobond yields fell across all maturities, with benchmark average yield easing by 5bps to 6.93%, including declines to 5.16% (Nov 2027) and 8.14% (Jan 2046).
Nigerian Equities
The Nigerian equities market advanced 56bps, with FCMB leading activity at 2.94bn units and ₦35.88bn in value. Market breadth was negative with 33 gainers and 42 decliners, while sector indices mostly strengthened, led by the Oil and Gas Index up 387bps.
Foreign Exchange
The Naira depreciated by 16bps (₦2.15) against the USD, trading within the ₦1,328–₦1,340/$ band before closing at ₦1,338.11/$. External reserves stood at $48.50 billion, marking a daily increase of $134.83 million.
Commodities
Oil prices surged, with Brent crude rising 5.25% to around $70.38/bbl and WTI climbing 4.77% to $65.23/bbl amid geopolitical tensions. Gold prices also strengthened, with spot gold up 211bps to $4,980.43/oz and futures near $5,000.54/oz.
