System Liquidity
Tight interbank liquidity persisted following CBN FX settlements and bank obligations. Rates stayed elevated with OPR and O/N rates climbing to 32.42% and 32.75%.
Treasury Bills
T-Bills traded quietly but with bearish sentiment, driven by mid-to-long tenors like 6-Jan, 5-Mar, and 9-Jul. NTB benchmark rates rose 19bps to 16.43%. OMO activity was minimal.
FGN Bonds
The bonds market remained quiet and bearish, with minimal trades. Some activity on short-to-mid tenors, including Feb 31s at 16.55%. Average yields held steady at 16.34%.
Eurobonds
African Eurobonds rebounded, supported by falling U.S. jobless claims, firm oil prices, and Trump’s softened stance on Powell. Nigerian Eurobond yields dropped 14bps to 8.60% average.
Nigerian Equities
The NGX rose 102bps 130,283.87 points, as industrial giants rallied, lifting YTD returns to 26.58%. Losses in banking and oil dragged respective indices. Market breadth stayed negative despite heavy trading volumes.
Foreign Exchange
FX supply tightened as demand increased, causing the naira to depreciate slightly to ₦1,533.11/USD. Reserves grew to $37.77 billion, up by about $139 million d/d.
Commodities
Oil prices surged on continued drone attacks in Iraqi Kurdistan. Brent hit $69.52, WTI reached $67.54. Gold dipped 0.3% due to dollar strength and upbeat U.S. data.
