System Liquidity
Interbank liquidity remained strong despite ₦660bn CCS repayment and ₦267bn NTB settlement. Inflows from OMO maturities, bond coupons, and CBN allocations supported stability. Rates stayed firm at 26.5% as liquidity eased w/w to ₦1.67trn from ₦2.1trn.
Treasury Bills
T-bills traded mixed, with strong demand at NTB auction. ₦1.59trn subscribed vs ₦290bn offered, ₦345bn allotted at lower stop rates. Later demand for 17-Sep bill boosted momentum. Yields fell 52bps w/w to 16.71%.
FGN Bonds
Bonds traded subdued with selective mid-dated demand. Wide bid-ask spreads capped activity; May 2033s quoted as low as 16.20%. Sentiment slightly bearish midweek but ended firm. Yields dipped 22bps w/w to 16.25%.
Eurobonds
Eurobonds opened bullish ahead of Fed meeting, optimism tempered after a 25bps cut with cautious Powell comments. Fed independence concerns and mixed U.S. data pressured sentiment. Nigerian Eurobond yields fell 4bps w/w to 7.80%.
Nigerian Equities
Equities gained 92bps w/w as ASI closed 141,845. BUAFOODS, GUINNESS, NB, DANGCEM lifted sentiment despite bank sector drag. Key highlights: UBA and ZenithBank H1 earnings, Seplat $1bn dividend pledge, BUAFOODS 52-week high.
Foreign Exchange
The naira strengthened 90bps w/w to ₦1487.90/$, supported by offshore inflows, corporates, and CBN’s $150m intervention. NAFEX initially dipped below ₦1500/$ before recovery. Foreign reserves rose $299.7m to $41.99bn.
Commodities
Oil slipped on supply/demand worries; Brent $66.68, WTI $62.68. Gold rallied for a fifth week, buoyed by Fed cut expectations and safe-haven demand, hitting $3,672/oz spot and $3,705/oz futures.
