System Liquidity
System liquidity opened positively at ₦3.79 trillion, supported by ₦341.64 million inflows from primary market repayments, while DMB placements at the CBN’s SDF stood at ₦3.69 trillion. Average funding cost eased by 4bps to 22.10%, with the overnight rate declining to 22.20% and the OPR unchanged at 22.00%.
Treasury Bills
The NTB market traded quietly with limited activity, as most maturities remained unchanged following the latest inflation data. Significant selling on the 07‑May‑26 bill widened yields by 58bps to 16.33%, while modest demand compressed the 03‑Sep‑26 bill by 10bps, pushing the average yield to 16.05%.
FGN Bonds
FGN bond trading was subdued, with yields largely flat across the curve amid thin participation ahead of CPI data. Mild demand compressed the 20‑Mar‑28 bond by 1bp to 15.90%, leaving the average benchmark yield unchanged at 15.60%.
Eurobonds
Nigeria’s Eurobond market recorded mixed performance with a bearish tilt amid weaker oil prices and cautious global risk sentiment. While short‑dated bonds saw mild tightening, broader sell‑offs pushed the FEB 2030 yield to 6.27%, lifting the average benchmark yield by 2bps to 7.03%.
Nigerian Equities
The equities market closed higher as the All‑Share Index gained 169bps, supported by strength in banking and oil & gas stocks. Trading remained robust, with ZENITHBANK dominating activity at ₦8.78 billion in value traded, despite only marginally positive market breadth.
Foreign Exchange
The Naira appreciated marginally by ₦0.02 at the NFEM, closing at ₦1,343.74/$ on improved FX supply. The currency traded within the ₦1,341.99/$–₦1,350.00/$ range, while external reserves declined by $23.38 million to $48.70 billion.
Commodities
Oil prices remained broadly stable, with Brent crude trading near $94.92 per barrel and WTI around $91.29 per barrel as supply concerns balanced easing geopolitical risks. Gold prices retreated, with spot gold down 0.96% to $4,790.98/oz after reaching a one‑month high.
