System Liquidity Liquidity built for a fourth day, up 7.92% to ₦7.45trn from ₦6.91trn. The new corridor took effect: the OPR fell 100bps to 21.00% and the overnight rate eased 51bps to 21.76%.
Treasury Bills The rate cut pulled rates lower, led by the 180-day, down 126bps to 17.93%. The 365-day eased 60bps to 19.12% and the 91-day 1bp to 18.06%, taking the average to 18.38%. At the auction, stop rates fell to 15.50%, 15.80% and 15.89%.
FGN Bonds Yields fell across the curve after the cut, led by the 3-year, down 60bps to 15.95%. The average dropped 45bps to 15.91%.
Foreign Exchange The naira eased 0.05% to ₦1,328.50/$ at NAFEM and 0.51% to ₦1,387.00/$ in the parallel market, widening the gap to about ₦59 from ₦52. Reserves are at $55.25bn.
Nigerian Equities The All-Share Index rose 0.23% to a record 251,191.02 points and market cap to ₦163.06trn. Insurance (+1.08%) led and Industrial Goods (-0.15%) was the only faller, with 43 gainers against 20 losers.
Eurobonds Yields rose across the curve as the Fed’s rate hikes kept US yields high, lifting the average to 7.17%. The 3-year rose 15bps to 6.18% and the 10-year 11bps to 7.57%.
Commodities Gold fell 0.84% to $4,327.15/oz as hopes grew for US-Iran talks. Brent rose 2.16% to $102.54/bbl on uncertainty over reopening the Strait of Hormuz.
