System Liquidity
CBN’s ₦600bn OMO auction and CRR debits initially spiked interbank rates. Midweek OMO maturities restored liquidity, but late-week outflows re-tightened conditions. Rates ended higher, with OPR at 28.17% and O/N at 28.92%, up 167bps and 193bps.
Treasury Bills
Despite early caution, bullish sentiment emerged midweek. NTB auction saw strong demand and lower stop rates, sparking secondary market interest. The 1-year bill traded at 17.90%, and benchmark NTB mid-rates fell 36bps to 18.91% w/w.
FGN Bonds
Trading was subdued early but picked up midweek, driven by interest in 2029–2053 papers. Investors positioned ahead of Monday’s auction. Demand stayed selective but consistent, pulling average mid-yields down 28bps w/w to close at 18.25%.
Eurobonds
Nigerian Eurobonds fell 17bps to 8.98% amid volatile sentiment. Early optimism faded midweek due to weak U.S. data and geopolitical risks. The Fed’s hawkish stance and stagflation outlook added pressure, though Nigeria outperformed peers excluding Egypt.
Nigerian Equities
Equities rebounded strongly, gaining 2.35% w/w. Bargain-hunting followed early selloffs due to CBN’s bank directive. GTCO, STANBIC, and MTNN hit 52-week highs. Offshore interest surged in blue-chips. Wilmar’s PZ stake move and corporate activity added momentum.
Foreign Exchange
Naira appreciated to ₦1,547.36/$ on improved FX supply and minimal CBN intervention. Trading ranged between ₦1,541–₦1,556/$, with the fixing at ₦1,554.17. Reserves fell by $219.56m to $37.71bn. Further inflows expected from oil exporters next week.
Commodities
Oil dropped as U.S. sanctions on Iran signaled diplomacy over conflict. Brent fell 2.33% to $77.01, WTI slid to $74.93. Gold held steady near $3,368.68/oz but lost 1.8% weekly, its lowest since June 12.
