System Liquidity
System liquidity remained tight due to AMCON and CBN FX settlements, deepening the market into a ₦724.74 billion debit. Despite a ₦65.36 billion bond coupon inflow, rates stayed high. OPR rose 83 bps to 32.33%, while O/N increased 50 bps to 32.67%.
Treasury Bills
The Treasury bills market was quiet, with limited trading and cautious sentiment. Activity focused on select mid to long-tenor maturities, while OMO bills saw minimal movement. Bid-offer spreads remained wide, keeping volumes low. Average mid-rate rose by 26 bps, closing at 16.52%.
FGN Bonds
The FGN bond market was mixed and thinly traded, dominated by short to mid-term papers. Caution ahead of the MPC meeting kept bid-offer spreads wide. Average mid-yield rose slightly by 3 bps to 16.30%, despite late-week bullish sentiment and selective buying interest.
Eurobonds
African Eurobonds traded mixed, swayed by U.S. inflation data, oil volatility, and Fed-related uncertainty. Sentiment improved late in the week following dovish Fed comments and lower jobless claims. Nigerian Eurobonds saw a modest 3 bps yield increase, ending the week at 8.58%.
Nigerian Equities
The equities market rallied, with the All-Share Index up 4.31% to 131,585.66 points on strong interest in cement and bank stocks. Notable trades in FIRSTHOLDCO and foreign investor activity lifted sentiment. Several stocks hit 52-week highs despite light profit-taking towards week’s end.
Foreign Exchange
The Naira traded within a narrow band as CBN intermittently intervened. Dollar sales early and late in the week helped maintain relative stability. The Naira closed at ₦1,532.3405/$, down 13.6 bps w/w. Reserves rose by $422 million to $37.854 billion.
Commodities
Oil prices held steady despite U.S. data, trade tensions, and EU sanctions on Russia. Brent settled at $69.28, WTI at $67.34. Gold rose on safe-haven demand, gaining 0.4% to $3,351.18.
