System Liquidity
System liquidity opened the week on a strong surplus of ₦4.52 trillion, representing a ₦553.15 billion increase from the prior week, driven largely by ₦260 billion in FGN bond coupon inflows and sustained SDF placements of ₦4.20 trillion. Despite the ample liquidity, average funding cost remained flat at 22.10%, with the NOFR at 22.00% and the overnight rate at 22.20%.
Treasury Bills
The NTB secondary market opened the week on a quiet to bearish note as investors shifted focus to the FGN bond PMA. Most maturities closed unchanged, although selling pressure at the long end pushed the 04‑Mar‑27 bill up by 15bps to 16.26%, leaving the average benchmark yield flat at 16.05%.
FGN Bonds
The FGN bond market traded on a mixed but cautious note amid subdued activity and limited trades across the curve. Notable sell‑offs pushed the 17‑Apr‑29 and 21‑Feb‑34 yields higher to 16.51% and 16.76% respectively, resulting in a 6bps increase in the average benchmark yield to 15.75%.
Eurobonds
Nigeria’s sovereign Eurobond market extended its bullish momentum as yields compressed across the curve, supported by stronger oil prices and improved market sentiment. The JUN‑31 bond led gains, declining by 5bps to 6.60%, while the average benchmark yield eased by 2bps to 6.89%.
Nigerian Equities
The equities market closed sharply lower, snapping a 14‑session rally as broad sell‑offs in banking stocks dragged the NGX ASI down by 0.94% to 223,602.29 points. Market capitalisation declined by ₦1.36 trillion to ₦143.97 trillion, with Banking stocks falling 6.49% despite total value traded rising to ₦44.14 billion.
Foreign Exchange
The Naira depreciated by 43bps at the NFEM to close at ₦1,364.24/$ despite continued CBN intervention. The currency traded within the ₦1,359.50/$–₦1,370.00/$ range, while external reserves declined by $11.80 million to $48.44 billion.
Commodities
Oil prices climbed sharply amid stalled U.S.–Iran peace talks, with Brent crude rising 9.07% to about $108.12 per barrel and WTI trading near $96.52 per barrel. Gold prices edged lower, with spot gold down marginally to $4,679.35/oz as inflation concerns and central bank meetings dominated sentiment.
