System Liquidity
Market liquidity surged to ₦2.3 trillion following a large OMO maturity inflow, allowing funding costs to drop sharply as the OPR and O/N rates declined to 22.50% and 22.75%, respectively, despite mild adjustments in SDF and SLF usage.
Treasury Bills
The NTB market traded firmly bullish on the back of strong system liquidity, with broad demand—especially at the long end—driving notable rate compression and pulling the average benchmark yield down by 4bps to 15.66%.
FGN Bonds
The FGN bond market remained quiet as investors digested the latest auction and MPC stance, resulting in only marginal curve movements and leaving the average benchmark yield largely steady at 15.46%.
Eurobonds
Despite weaker oil prices, African Eurobonds advanced as investors priced in a December Fed rate cut and solid regional demand, causing yields to decline across most maturities and the average benchmark yield to ease by 2bps to 7.70%.
Nigerian Equities
The equities market snapped a six-day losing streak as the ASI gained 10bps to lift YTD performance to 39.68%, supported by renewed bargain-hunting and strong turnover in banking names.
Foreign Exchange
The Naira appreciated to ₦1,446.32/$ on stronger foreign portfolio inflows, while external reserves increased to $44.5 billion, reinforcing FX market confidence.
Commodities
Oil prices softened while gold traded mixed as geopolitical developments and softer U.S. retail data strengthened expectations of a December Fed rate cut, influencing near-term investor positioning.
