System Liquidity
System liquidity opened with a moderate surplus of ₦5.69 trillion, down ₦519.93 billion from the previous session due largely to NTB settlement debits of about ₦829.33 billion. Despite the decline, liquidity remained robust as banks maintained sizeable SDF placements of roughly ₦5.80 trillion, while SLF usage stayed minimal at about ₦221 million. The Nigerian Overnight Financing Rate held steady at 22.00%.
Treasury Bills
The Nigerian Treasury Bills secondary market traded on a mildly bullish tone, supported by steady investor demand following the NTB PMA. Yields were largely stable at the short end, while mild compressions were recorded across mid-to-long tenors. As a result, the average benchmark rate eased slightly to 16.02% from 16.03% in the prior session.
FGN Bonds
Trading in the FGN bond market was subdued, with yields broadly unchanged across most maturities amid balanced market conditions. Marginal yield declines were seen in the MAR 2028 and MAR 2035 papers, while isolated selling pressure pushed APR 2037 slightly higher. Overall, the average benchmark yield remained flat at 15.99%.
Eurobonds
The Nigerian Sovereign Eurobond market traded mixed to mildly bullish, with yields easing across most maturities despite global volatility and geopolitical tensions. While front-end papers such as NOV 2027 and MAR 2029 recorded mild yield increases, sentiment improved across the belly and long end. Consequently, the average benchmark yield dipped by 1bp to close at 7.01%.
Nigerian Equities
The equities market closed marginally higher as the All-Share Index rose by 0.05% to 249,175.39, pushing market capitalization up by ₦72.44 billion to ₦159.73 trillion. Gains were driven by selective bargain hunting despite negative market breadth of 19 gainers against 44 losers. Trading volume surged by 76.39% to 1.06 billion shares, while total value declined by 5.35% to ₦30.97 billion.
Foreign Exchange
The naira appreciated marginally by 6bps at the NFEM, gaining ₦1.04 to close at ₦1,372.31/$ amid stronger demand and sustained foreign portfolio inflows. Trading occurred within the ₦1,370/$–₦1,374/$ band during the session. External reserves also rose slightly by $35.78 million to $48.72 billion.
Commodities
Global oil prices declined in a volatile session, with Brent crude trading around $104.13 per barrel, down 0.85%, while WTI fell 0.84% to about $97.43 per barrel. Gold prices were relatively stable, with spot gold easing by 0.13% to approximately $4,540.66 per ounce, supported by a softer dollar and lower yields.
