System Liquidity Liquidity built for a second day, up 39.62% to ₦3.99trn from ₦2.86trn as the tail of the CBN’s ₦3.81trn mid-September repayments kept feeding through with no FAAC and no OMO auction to absorb it, with the OPR and NOFR both steady at 22.00% and the overnight rate at 22.24%.
Treasury Bills Secondary trading was quiet but the belly repriced, 180-day jumping 34bps to 19.19% while the 91-day eased to 18.08% and the 365-day slipped to 19.73%, with the average down 3bps to 18.82% and rates still 1.78, 2.49 and 0.14 points below start-of-year levels.
FGN Bonds Yields were mixed and barely moved, the 3-year easing 10bps to 16.55% and the 20-year 2bps to 15.08% while the 5-year rose 6bps to 16.76% and the 7-year and 10-year held flat at 16.83% and 16.75%, with no fresh supply on the calendar after the DMO’s ₦1trn offer.
Foreign Exchange The naira firmed on both sides, 0.11% stronger at ₦1,329.80/$ at NAFEM and 0.36% at ₦1,385.00/$ in the parallel market, narrowing the gap to about ₦55 from ₦59, with reserves last reported at $54.69bn against $45.50bn at the start of the year.
Nigerian Equities The All-Share Index added 0.14% to a record 250,156.80 points and market cap a record ₦162.39trn, led by Banking (+0.68%), Industrial Goods (+0.47%), Insurance (+0.33%) and Consumer Goods (+0.32%), with Oil & Gas (-0.40%) the only faller; five stocks closed at the 10.00% limit and OKOMUOIL fell 10.00% to ₦1,276.20.
Eurobonds Yields recovered across the curve, averaging 7.07% from 7.11%, with the 5-year at 6.65%, the 7-year at 7.08%, the 10-year at 7.42% and the 20-year at 8.12%, and the 3-year unchanged at 6.08% as the Fed’s dot plot still points to at least one more increase.
Commodities Gold fell 0.93% to $4,381.62/oz, giving back last week’s high, while Brent crude fell for a fourth session, down 3.84% to $99.53/bbl and through $100 for the first time in the run as Saudi Arabia restores East-West pipeline capacity.
