System Liquidity
System liquidity opened the session with a moderate surplus of ₦3.56 trillion, down from ₦5.86 trillion previously, reflecting a ₦2.30 trillion decline. The position was supported mainly by ₦3.46 trillion in DMB placements at the CBN’s SDF and a ₦28.11 million primary market repayment, while ₦14 billion was placed at the SLF. Funding conditions remained stable, with the Nigerian Overnight Financing Rate unchanged at 22.00%.
Treasury Bills
The Nigerian Treasury Bills secondary market traded quietly and flat as cautious investor sentiment limited activity across the curve. Yields across all tenors remained unchanged, leaving the average benchmark yield steady at 16.01%, as participants prioritized liquidity ahead of upcoming auctions.
FGN Bonds
The FGN bond market closed mixed but largely range-bound amid subdued trading activity and cautious positioning ahead of the MPC meeting. Weakness was observed in the 27-Apr-32 and 26-Apr-49 papers, while modest demand supported shorter tenors, pushing the average benchmark yield slightly higher by 2bps to 15.83%.
Eurobonds
Nigeria’s Sovereign Eurobond market opened the week on a mixed to bearish note as investors remained cautious following a slight uptick in headline inflation. Selling pressure was concentrated on the short- to mid-tenor papers, particularly the NOV-2027 and MAR-2029 bonds, lifting the average benchmark yield by 1bp to 6.99%.
Nigerian Equities
The Nigerian equities market closed marginally lower as the NGX All-Share Index declined by 0.05% to 250,204.83, while market capitalization fell by ₦80.82 billion to ₦160.36 trillion. Profit-taking in select mid-cap stocks drove the downturn, with trading volume and value dropping by 26.16% and 16.36% respectively.
Foreign Exchange
The Naira depreciated by 19bps at the Nigerian Foreign Exchange Market, losing ₦2.66 to close at ₦1,373.70/$ amid stronger dollar demand. Despite the weakness, external reserves increased slightly by $31.45 million to $48.58 billion, reflecting continued FX inflows and improved liquidity.
Commodities
Oil prices were volatile as Brent crude traded around $109.10 per barrel, down 0.15%, while WTI declined by 2.93% to $102.33 per barrel amid geopolitical supply concerns. Gold prices edged higher, with spot gold rising 0.64% to $4,566.19/oz, supported by a weaker U.S. dollar despite elevated inflation concerns.
