System Liquidity
System liquidity opened strong but tightened midweek due to CRR and FX settlements. Bond coupon inflows later boosted liquidity, pulling OPR and O/N rates down to 26.50% and 26.96%, respectively, by week’s end.
Treasury Bills
Market showed mild bullishness with firm demand for mid-to-long NTBs and OMO bills. Wide bid-offer spreads constrained volume. Benchmark NTB yields fell 19bps w/w, ending at 19.45% average mid-rate.
FGN Bonds
Bonds traded quietly with low volumes and bearish undertone. Investor interest focused on longer tenors, but wide spreads limited activity. April inflation eased to 23.71%. Benchmark yields rose 12bps w/w, closing at 18.84%. New Sukuk offer opened.
Eurobonds
Eurobonds rallied early on U.S.-China optimism but reversed midweek due to profit-taking and oil declines linked to U.S.-Iran deal talks. Late bargain hunting stabilized markets. Nigerian yields fell 50bps w/w to 9.74% on renewed Friday interes.
Nigerian Equities
Equities gained 0.9% weekly, driven by strong performances from OANDO, ACCESSCORP, and NESTLE. BetaGlass hit an all-time high. Airtel’s $55M buyback boosted sentiment. Foreign and local investor interest spanned blue-chip and mid-cap stocks.
Foreign Exchange
Naira strengthened 46.3bps w/w to ₦1,598.72/$, supported by improved liquidity, reduced corporate demand, and foreign inflows. CBN largely absent. Market traded in ₦1595–₦1603 band. External reserves rose $211.48M to $38.33 billion.
Commodities
Brent and WTI rose 1.5% and 1.6%, respectively, on easing U.S.-China tensions. Gains capped by possible Iranian and OPEC+ supply. Gold dropped 10% from April highs, closing near $3,180, facing worst week in six months.
