System Liquidity
System liquidity opened with a surplus of ₦2.75 trillion, an improvement of ₦175.88 billion driven by higher DMB placements at the CBN’s SDF window and primary market repayments. Average funding cost declined slightly to 22.65%, with OPR steady at 22.50% and OVN marginally lower at 22.80%.
Treasury Bills
The NTB market traded mildly bullish as select maturities experienced notable demand, especially the 09 Apr 26 bill, whose rate dropped 20bps from 16.50% to 16.30%. The 06 Aug 26 bill also experienced a modest 4bps decline to 16.09%, helping pull the overall average benchmark rate down by 2bps to 16.07%.
FGN Bonds
The FGN bond market closed mildly bullish, driven by strong investor demand in short to mid tenor bonds. Yields on key maturities such as 17 Apr 29 and 26 Apr 29 compressed by 6bps each to 16.05%, helping reduce the average benchmark yield slightly to 16.13%.
Eurobonds
African Eurobonds traded mostly positive on the back of improved oil prices, with Nigerian sovereign bonds experiencing yield compression across multiple maturities. Nigerian Eurobond yields tightened by 4–7bps across key tenors, although the overall average benchmark yield still edged up by 3bps to 7.09%.
Nigerian Equities
The Nigerian Exchange ended firmly positive as the All Share Index rose 129bps, taking year to date performance to 11.78%. Market breadth was strong with 59 gainers against 25 decliners, and trading activity was dominated by large cap stocks such as ACCESSCORP and ZENITHBANK.
Foreign Exchange
The Naira strengthened at the NFEM, appreciating 86bps (₦11.80) to close at ₦1,354.26/$, supported by strong supply from foreign portfolio investors and local players. External reserves increased to $46.91 billion, recording a $105.36 million day on day rise.
Commodities
Global oil prices rose over 1%, with Brent reaching $69.12/bbl and WTI around $64.45/bbl following geopolitical advisories affecting shipping routes. Gold prices also moved higher, with spot gold at $5,058.01/oz despite a slight intraday dip, while U.S. gold futures hovered around $5,100.71/oz.
