FINANCIAL MARKETS TODAY – 23 April 2026
System Liquidity
System liquidity remained strongly in surplus but declined to ₦3.84trn (from ₦3.95trn), driven mainly by ₦894.16bn auction settlement outflows, which outweighed inflows from NTB maturities. Despite the drop in liquidity, funding rates eased slightly, with NOFR flat and OVN lower.
Treasury Bills
The NTB market traded quiet and stable post-auction, with yields largely unchanged, though mild buying interest at the long end led to slight yield compression.
FGN Bonds
The FGN bond market traded mixed and cautious, with muted activity ahead of the April 27 auction, while yields remained largely stable with select movements at the mid and long end.
Eurobonds
The Eurobond market traded bullish, with yields compressing across most maturities due to rising oil prices and improved sentiment, although profit-taking in select bonds (2028 & 2033) led to slight yield upticks.
Nigerian Equities
The equities market remained strongly bullish, extending gains for the 13th consecutive session, driven by consumer goods and banking stocks, despite mixed trading activity and slightly negative breadth.
Foreign Exchange
The naira weakened slightly due to persistent dollar demand, despite CBN support, while external reserves declined, reflecting continued FX interventions.
Commodities
Oil prices spiked sharply on geopolitical tensions, while gold declined due to concerns that inflation could keep interest rates higher for longer.