System Liquidity
System liquidity improved significantly to ₦1.785 trillion, driven by inflows from FAAC, FX swaps, and bond coupons, keeping money market rates stable near 26.5% despite large NTB and OMO settlements.
Treasury Bills
Treasury bill activity fluctuated, with strong NTB auction demand (₦1.54 trillion subscriptions) pushing stop rates lower. Profit-taking followed, while OMO auctions later tightened liquidity, lifting OMO stop rates significantly.
FGN Bonds
Bond market activity stayed muted as investors waited for the FGN bond auction. Mid-curve papers saw modest interest, with overall yields easing 6bps w/w to an average of 18.76%.
Eurobonds
African Eurobonds rallied amid softer U.S. dollar and rising oil prices, especially Nigerian papers. Despite some midweek profit-taking, Nigerian Eurobond yields dropped 41bps w/w to close at 9.99%.
Nigerian Equities
The All-Share Index gained 1.46% w/w, fueled by bargain hunting in top stocks and strong Q1 earnings releases. Several stocks hit 52-week highs; offshore investor activity stayed subdued.
Foreign Exchange
The Naira saw slight depreciation to $/₦1599.55 despite CBN interventions and increased oil and gas inflows. Volatility eased, but reserves dipped by $66 million to $37.81 billion.
Commodities
Oil prices rose slightly Friday but posted weekly losses due to oversupply fears. Gold also fell, declining 1.2% w/w as stronger dollar and trade optimism reduced safe-haven demand.
