System Liquidity
Market liquidity opened the session with a solid ₦1.2 trillion surplus—despite falling due to lower SDF placements—and funding costs stayed stable with OPR at 24.50% and O/N at 24.83%, suggesting little immediate pressure on short-term funding conditions.
Treasury Bills
The NTB secondary market traded mixed with a slight bearish bias as investors demanded higher yields, pushing mid- to long-tenor rates up and raising the average benchmark to 15.70%.
FGN Bonds
Bond trading was quiet as investors focused on the November auction, which cleared at higher stop rates and left the secondary market mostly steady with the average benchmark yield fixed at 15.48%, while participants awaited clarity from the MPC meeting.
Eurobonds
African Eurobonds rallied as expectations of a U.S. Federal Reserve rate cut strengthened investor appetite, leading to widespread yield declines across Nigerian papers and bringing the overall average yield down to 7.72%.
Nigerian Equities
The equities market closed lower as the ASI slipped 8bps to reduce year-to-date gains to 39.53%, with selling pressure across banking and consumer stocks and large block trades driving most of the day’s market value.
Foreign Exchange
The Naira appreciated to ₦1,453.84/$ as improved FX supply from CBN intervention outweighed demand, while external reserves increased by $72.6 million to reach $44.3 billion, reinforcing currency stability.
Commodities
Oil and gold prices strengthened, with Brent rising to $63.36 and spot gold to $4,128.75/oz, supported by growing expectations of a U.S. rate cut and geopolitical risks that boosted safe-haven and energy market sentiment.
