System Liquidity
System liquidity swung sharply into a deficit of ₦1.6 trillion from a previous surplus of ₦2.3 trillion due to the recent OMO auction settlement. Despite this, the Overnight Policy Rate (OPR) and Overnight (O/N) rate declined by 60bps and 50bps to 26.60% and 27.00%, respectively.
Treasury Bills
The NTB auction drew strong demand, with ₦366.55 billion subscribed against ₦220 billion offered and ₦178.25 billion allotted. Stop rates were mostly unchanged except for the 364-day bill, which rose to 16.50%.
FGN Bonds
Trading in the FGN bond secondary market was quiet overall, with the average yield slipping by 1bp to 15.66%. Moderate buying interest emerged in mid-tenor bonds, especially the FGN MAR 2035s, where yields fell by 29bps to 15.67%.
Eurobonds
African Eurobonds, including Nigeria’s, rallied on improved sentiment driven by prospects of new U.S. sanctions on Russia, pushing Nigerian yields down 2bps to 8.09%.
Nigerian Equities
The Nigerian stock market extended its bullish run, with the All-Share Index rising 0.70% to 145,813.86 points, reflecting a YTD gain of 41.67%. The rally was driven by strong performances in BUACEMENT (+7.33%), Insurance stocks (+9.87%), and OANDO (+0.96%), while Banking and Consumer Goods sectors saw mild profit-taking. Market breadth was positive (53 gainers vs. 24 losers), with notable trades including LINKASSURE, STERLINGNG, ZENITHBANK, and WAPIC.
Foreign Exchange
Demand pressure resurfaced at the interbank NFEM as the exchange rate traded within the range of $/₦1,537.25 and $/₦1,528.00, with the Naira depreciating by 24bps to close at $/₦1,537.25.
Commodities
Oil and gold prices declined as easing geopolitical tensions and profit-taking weighed on markets, with Brent and WTI falling to eight-week lows and gold retreating after recent gains.
