System Liquidity
System liquidity opened Tuesday with a stronger surplus of ₦5.87 trillion, rising by ₦2.31 trillion day‑on‑day, driven by ₦2.16 trillion in OMO maturities and strong SDF placements of ₦3.62 trillion. Despite ample liquidity, average funding cost increased by 3bps to 22.15%, with the overnight rate rising to 22.29% while the OPR remained at 22.00%.
Treasury Bills
The NTB secondary market remained largely quiet with selective interest at the long end ahead of the PMA. Yields on the 07‑Jan‑27, 04‑Feb‑27 and 04‑Mar‑27 bills widened by up to 12bps, while other benchmark maturities closed unchanged, leaving the average benchmark yield flat at 16.02%.
FGN Bonds
The FGN bond market traded on a subdued note with limited activity across most maturities. Mild buying compressed yields on the 20‑Mar‑28 and 17‑Apr‑29 bonds to 15.86% and 16.04% respectively, while slight selling pushed the 18‑Jul‑34 to 16.15%, keeping the average benchmark yield unchanged at 15.67%.
Eurobonds
Nigeria’s Eurobond market softened as yields expanded by about 3bps on average amid higher U.S. Treasury yields and a risk‑off tone across emerging markets. The JUN‑31 and FEB‑30 bonds weakened to 6.80% and 6.24% respectively, lifting the average benchmark yield to 7.02%.
Nigerian Equities
The equity market closed marginally higher as the All‑Share Index gained 0.06% to 218,249.81 points, adding ₦87.53 billion to market capitalization. Gains were driven by selective buying in industrial and banking stocks, although market breadth remained negative with 43 losers against 25 gainers.
Foreign Exchange
The Naira depreciated by 7bps at the NFEM, closing at ₦1,350.74/$, despite CBN intervention and local demand. The currency traded within the ₦1,345.00/$–₦1,357.00/$ range, while external reserves declined by $79.76 million to $48.54 billion.
Commodities
Oil prices rose sharply as Brent crude climbed to about $100.59 per barrel and WTI traded near $91.72 per barrel amid heightened geopolitical tensions. Gold prices weakened, with spot gold declining to around $4,678.63/oz as a stronger dollar and higher yields weighed on prices.
