System Liquidity
System liquidity fell sharply by 36.82% to ₦2.55 trillion from ₦4.04 trillion, largely due to a ₦1.25 trillion NTB auction settlement outflow. As liquidity tightened, the Overnight Rate (OVN) rose by 12bps to 22.35%, while the NOFR and OPR remained at 22.00%, indicating sustained but less abundant liquidity conditions.
Treasury Bills
The Treasury Bills market remained bullish and highly active, driven by strong demand for the newly issued 29 Jul NTB as investors redirected unmet auction demand into the secondary market. The 29 Jul NTB yield declined to 17.00%, while the average benchmark discount rate remained unchanged at 16.66%.
FGN Bonds
The FGN bond market traded on a moderately bullish note, with demand concentrated around mid-curve maturities, particularly the FEB-2031 and JULY-2030 bonds, whose yields declined by 32bps and 22bps, respectively. Consequently, the average bond yield fell by 7bps to 17.10% from 17.17%.
Eurobonds
The naira weakened marginally at the official market, with the NAFEM rate closing at ₦1,366.73/$, while the parallel market rate remained unchanged at ₦1,405.00/$. Nigeria’s external reserves also declined by $16.52 million to $51.92 billion, marking the fourth consecutive day of reserve depletion.
Nigerian Equities
The Nigerian equities market closed lower as the NGX All-Share Index (ASI) declined by 0.66% to 245,362.26 points, while market capitalization fell by 0.63% to ₦158.34 trillion. Persistent profit-taking in major stocks such as ZENITHBANK, ACCESSCORP and FIRSTHOLDCO weakened investor sentiment.
Foreign Exchange
The naira weakened marginally at the official market, with the NAFEM rate closing at ₦1,366.73/$, while the parallel market rate remained unchanged at ₦1,405.00/$. Nigeria’s external reserves also declined by $16.52 million to $51.92 billion, marking the fourth consecutive day of reserve depletion.
Commodities
Gold strengthened as easing inflation and a weaker U.S. dollar supported demand, rising 0.97% to $4,105.71/oz. Meanwhile, crude oil prices declined, with Brent crude down 1.65% to $89.24/bbl and WTI crude down 0.58% to $84.00/bbl, reflecting concerns around evolving geopolitical developments.
