System Liquidity Liquidity rose 7.92% to ₦6.45trn from ₦5.98trn. NOFR held at the 20.00% floor, and the average T-bill rate eased 5bps to 17.84%.
Treasury Bills Trading quietened after last week’s rally. The 91-day and 365-day each eased 3bps, to 17.65% and 18.38%. The 180-day rose 1bp to 17.79%, and the average ended at 17.94%.
FGN Bonds Investors sold 3- to 7-year bonds, reversing part of the post-cut rally. The 7-year rose 34bps to 16.24%, and the average rose 16bps to 15.80%.
Foreign Exchange The naira eased 0.14% to ₦1,331.33/$ at NAFEM and firmed 0.36% to ₦1,380.00/$ in the parallel market, narrowing the gap to about ₦49. Reserves are at $54.88bn.
Nigerian Equities Buying in banking stocks lifted the market to a record close. The All-Share Index rose 0.20% to 252,635.11 points, and market cap rose to ₦164.00trn. Banking (+1.14%) led the gainers.
Eurobonds The 10-year US Treasury yield climbed back above 5.2% on bets of another Fed hike, lifting the average yield 21bps to 7.47%. The 7-year rose 25bps to 7.56% and the 10-year 22bps to 7.82%.
Commodities Gold fell 3.48% to $4,174.62/oz, its lowest since early August, as odds of an October Fed hike topped 70%. Brent fell 5.23% to $98.13/bbl as US-Iran talks on reopening the Strait of Hormuz cut the war premium.
