System Liquidity
System liquidity fell to a ₦1.21tn surplus on reduced DBM participation at the CBN’s SDF window, keeping funding rates elevated with the OPR at 26.5% and the O/N rate at 27.0%
Treasury Bills
The NTB secondary market opened the week mixed, with ample liquidity offering support, though moderate yield upticks across mid- to long-dated maturities pushed the average benchmark yield up by 5bps to 17.91%.
FGN Bonds
The FGN bond market opened the week bearish, as selling pressure at the short- to mid-end drove yields on the 2029, 2032, and 2034 papers higher to 16.87%, 16.90%, and 16.74%, respectively, while another 2034 paper bucked the trend, falling 65bps to 15.60%, leaving the average benchmark yield up 5bps at 16.26%.
Eurobonds
African Eurobonds opened the week bullish despite oil prices easing to a one-week low after OPEC+ announced another output hike for September, while Nigerian Eurobond yields inched up 10bps to 8.14%.
Nigerian Equities
The NGX-ASI gained 199bps to 144,071.78 points as investors rotated into fundamentally strong stocks amid Q2 earnings and softer fixed-income yields. Sectoral performance was mostly positive: Industrial Goods (+5.72%), Consumer Goods (+4.93%), Insurance (+3.44%), and Banking (+0.08%), while Oil & Gas (-1.12%) declined.
Foreign Exchange
The Naira traded positively at the Nigerian interbank NFEM, with the USD/NGN rate fluctuating between ₦1,529.51 and ₦1,534.50. It appreciated slightly by 11bps to close at an average of ₦1,533.85/$. As of August 1, 2025, Nigeria’s gross foreign reserves stood at $39.54 billion, up by $184.1 million from the previous session.
Commodities
Global oil prices fell to their lowest levels in a week after OPEC+ announced another large output increase for September, heightening oversupply concerns amid weak U.S. fuel demand data. Brent crude declined by $1.05 to $68.62/bbl, while WTI fell $1.21 to $66.12/bbl. In contrast, spot gold up 0.42% to $3,376.89/oz and U.S. gold futures gaining $14.37 to $3,429.37.
