System Liquidity
System liquidity opened significantly tighter at ₦1.89 trillion, declining by ₦1.13 trillion due to a large ₦1.91 trillion NTB auction debit and SLF placements. Funding costs closed elevated, with the OPR at 22.50% and OVN at 22.86%.
Treasury Bills
The NTB market traded mildly bullish as selective demand pushed rates down across mid to long tenor bills. Key maturities such as the 07 May 26, 04 Jun 26, and 03 Dec 26 dropped by 47bps, 45bps, and 46bps, bringing the average benchmark rate to 15.92%.
FGN Bonds
The FGN bond market was mildly bullish, with modest yield compression across several maturities. Notable movements included 27 Apr 32 dropping by 47bps, 21 Feb 34 by 11bps, and the average benchmark yield easing to 15.93%.
Eurobonds
African Eurobond performance was mixed to bullish, supported by selective interest and subdued trading activity. Nigerian maturities saw slight movements, with Nov 2027 at 5.14%, Sep 2028 at 5.44%, and Mar 2029 compressing to 5.72%, while the overall average benchmark yield held at 6.93%.
Nigerian Equities
The equities market advanced, with the All Share Index supported by positive market breadth of 51 gainers against 26 decliners. Major movers included FTGINSURE, DEAPCAP, and OKOMUOIL (+10%), while sectors such as banking and consumer goods recorded broad gains, and trade value rose by 3.03%.
Foreign Exchange
The Naira weakened by 24bps (₦3.24) to close at ₦1,341.35/$, trading within the ₦1,332.25–₦1,350.00/$ band amid strong USD demand. External reserves increased to $48.50 billion, reflecting a $134.83 million day on day addition.
Commodities
Oil prices climbed about 2%, with Brent at $71.89/bbl and WTI at $66.63/bbl, driven by heightened geopolitical tensions. Gold extended gains, with spot gold at $4,994.68/oz and U.S. futures at $5,013.29/oz, supported by safe haven demand.
