System Liquidity
Despite the ₦185.9bn bond settlement, the system liquidity increased by ₦155.7bn to ₦1.3tn, largely driven by ₦459.0bn increase in SDF. As such, the Overnight Policy Rate (OPR) sustained 26.5% level, while the Overnight (O/N) rate dipped marginally by 8bps to 26.88%.
Treasury Bills
the NTB secondary market opened on a bearish note. Yields climbed notably at the mid- to long-end of the curve, with the 05-Mar-2026 and 09-Jul-2026 papers rising by 16bps and 77bps to 18.69% and 18.69%, respectively. As a result, the average benchmark yield edged higher by 10bps to 17.73%.
FGN Bonds
Bond market ended on a bearish note, with limited activity at the short-end. The mid-and long end segments faced selling pressure. Overall, the average benchmark yield rose by 7bps to 16.27%.
Eurobonds
Africa Eurobonds traded mixed, while Nigerian Eurobonds posted gains, supported by increased oil price, and investors sentiment ahead of the Fed rate decision; average yields slipped marginally by 5bps to 8.14%.
Nigerian Equities
Bullish momentum persisted in the Nigerian stock market for the 20th consecutive session, as the NGX All-Share Index (NGX-ASI) advanced by 99bps to close at 139,278.67 points, bringing year-to-date performance to 35.32%. Three major sectoral indices posted gains, led by Banking (+1.94%), Industrial Goods (+1.35%), and Consumer Goods (+0.10%), while Insurance (-0.95%) and Oil & Gas (-0.08%) declined; block trades include 74.6m units of FIDELITYBK at ₦21.0, 18.4m units of ACCESSCORP at ₦27.7, and 19.6m units of ETI at ₦37.5.
Foreign Exchange
The Naira traded relatively stable at the Nigerian interbank NFEM, with the USD/NGN rate ranging between ₦1,532.0 and ₦1,535.5. The Naira dipped slightly, depreciating by 9bps to close at an average of ₦1,534.52 to the dollar. As of July 29, 2025, Nigeria’s gross foreign reserves rose to about $39.27 billion, representing a daily gain of roughly $124.42 million.
Commodities
Global oil prices climbed more than 1% as investors focused on developments on President Trump’s tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. Brent crude gained 84 cents to $73.35 per barrel, while U.S. West Texas Intermediate appreciates by 92 cents to $70.13; Spot gold dipped by 1.1% to $3,289.66 per ounce, while U.S. gold futures closed 1.4% lower at $3,336.12.
