System Liquidity
The banking system opened with a liquidity surplus of ₦5.79 trillion, down by ₦1.99 trillion from the previous session. The decline was mainly due to ₦276.79 billion outflow for Monday’s auction settlement, partially offset by ₦5.30 trillion inflow from Deposit Money Banks’ placements at the CBN’s Standing Deposit Facility. The Nigerian Overnight Financing Rate (NOFR) remained steady at 22.00%.
Treasury Bills
The NTB secondary market was quiet and largely stable, with subdued activity across most maturities. Investors remained cautious, resulting in light trading. The only notable movement was at the mid-end, where the 05-Nov-26 bill saw its yield decline by 16bps to 16.14%. Overall, the average benchmark yield eased by 1.5bps to close at 16.04%.
FGN Bonds
The FGN bond secondary market was relatively quiet with very limited activity. Movements were mixed and modest. At the short end, FEB 2028 yield rose by 1bp while MAR 2028 dipped by 1bp. The mid-curve saw some demand as APR 2029 and APR 2032 yields declined by 11bps and 5bps respectively. The long end was mostly flat. The average benchmark yield fell slightly by 1bp to close at 15.75%.
Eurobonds
Nigeria’s Sovereign Eurobond market traded mildly mixed but closed on a positive note. Buying interest in the mid-to-long end of the curve led to slight yield compression. Sentiment was supported by easing Middle East tensions, dovish Fed signals, and rising oil prices. The average benchmark yield declined by 1 basis point to close at 6.90%.
Nigerian Equities
The Nigerian equity market closed strongly positive as the All-Share Index (ASI) gained 377 basis points (3.77%), pushing year-to-date returns to 52.43%. Market breadth was positive with 48 gainers against 42 losers. Notable performers included ZICHIS, CAP, UACN, and AIRTELAfRI, all up by 10%. ACCESSCORP dominated trading volume and value. All major sectoral indices closed higher, led by the Industrial Goods index (+6.14%) and Oil & Gas index (+4.54%). Traded value dipped slightly to $49.91 million.
Foreign Exchange
The Naira ended a 6-session losing streak by appreciating marginally by 9 kobo (₦1.25) against the US Dollar. It traded within the ₦1,365 – ₦1,386 band before closing at ₦1,379.46/$. The improvement was driven by improved demand from both foreign and local participants, supported by CBN interventions. External reserves declined further by $17.43 million to $48.37 billion.
Commodities
Global oil prices surged more than 6% to the highest level in nearly a month, driven by concerns over prolonged supply disruptions following deadlocked U.S.-Iran negotiations. Brent crude rose by $15.19 to trade around $119.59 per barrel, while WTI climbed to about $107.67 per barrel. Spot gold lost 1.15% to close around $4,543.06/oz.
