System Liquidity
Liquidity moderated as system balances dropped ₦436.38Bn, driven by SLF borrowings which rose to ₦186.3Bn from ₦25.0Bn. Despite the tighter conditions, funding costs eased slightly with OPR at 26.42% and O/N steady at 27.00%.
Treasury Bills
The NTB market opened mixed, with strong liquidity driving mild yield declines in some maturities. Gains on the 06 Nov 2025 bill (-32bps to 16.09%) were offset by the 05 Feb 2026 paper (+32bps to 17.23%), leaving the average yield down 1bp to 16.44%.
FGN Bonds
The FGN bond market opened mixed, with short-to-mid tenors seeing most activity. Long-end yields rose on sell pressure (FGN 2037 +52bps, FGN 2038 +19bps), partly offset by FGN 2029’s 35bps drop, leaving the average yield up 2bps to 16.53%.
Eurobonds
Despite decline in global oil price, African Eurobonds sustain their rally as market participants focus on the President Trump’s meeting with President Putin on Friday. Notably, average yields on Nigerian Eurobonds dropped 5bps to 7.99%.
Nigerian Equities
The NGX-ASI gained 9bps to 145,880.77 points, driven by a +9.74% jump in insurance stocks after the Insurance Industry Act of 2025, alongside gains in consumer goods (+0.97%) and banking (+0.44%). Industrial goods (-1.47%) and oil & gas (-0.56%) declined on profit-taking, while market breadth stayed positive with 40 gainers versus 36 losers.
Foreign Exchange
The Naira traded negative at the Nigerian interbank NFEM, with the USD/NGN rate ranging between ₦1,538.45 and ₦1,526.00. The Naira dipped by depreciating 23bps to close at ₦1,5338.45 to the dollar. As of August 8, 2025, Nigeria’s gross foreign reserves rose to about $40.29 billion, representing a gain of about $132.74 million, compared to the previous session.
Commodities
Oil prices rose as China reduced crude imports from Saudi Arabia, with Brent up $0.13 to $66.72/bbl and WTI up $0.16 to $64.04/bbl. Gold fell on tariff and inflation concerns, with spot down 1.27% to $3,355.86/oz and U.S. futures $87.28 lower at $3,404.02.
