FINANCIAL MARKETS TODAY – 26 May 2026
System Liquidity
System liquidity opened on a stronger surplus position of ₦5.92 trillion, supported by significant inflows from OMO maturities and primary market repayments, alongside sustained placements at the CBN’s SDF window. Despite improved liquidity conditions, the NOFR remained stable at 22.00%, indicating balanced short-term funding pressures.
Treasury Bills
The NTB secondary market remained subdued, with minimal activity recorded as investors continued to favour attractive yields at primary auctions, particularly the 364-day tenor. Benchmark yields stayed broadly unchanged at 16.04%, reflecting stable market conditions and limited portfolio repositioning.
FGN Bonds
The FGN bond market traded mildly bearish as selling pressure persisted across mid-to-long-dated maturities, leading to yield increases in key papers such as JUN 2038, FEB 2034, and MAY 2033. However, selective demand in the FEB 2031 bond helped moderate losses, while the average benchmark yield rose slightly to 16.02%.
Eurobonds
The Nigerian Sovereign Eurobond market traded on a bullish note as improved risk sentiment, driven by easing inflation concerns and optimism surrounding U.S.–Iran peace talks, supported buying interest. Yields compressed across the curve, with the SEP 2033 and FEB 2038 papers declining by 9bps, while the average benchmark yield eased to 6.94%.
Nigerian Equities
The Nigerian equities market closed lower as profit-taking ahead of the Sallah break weighed on sentiment, dragging the ASI down by 0.55%. Losses in bellwether stocks, including DANGSUGAR, GTCO, and FIRSTHOLDCO, alongside weaker trading activity and negative market breadth, reinforced the bearish tone across major sectors.
Foreign Exchange
The Naira weakened marginally against the U.S. Dollar at the NFEM, settling at ₦1,375.41/$ amid relatively stronger dollar demand. Nonetheless, improved liquidity, sustained foreign portfolio inflows, and rising external reserves continued to provide support for broader FX market stability.
Commodities
Oil prices advanced sharply following renewed U.S. military strikes in Iran, which reignited concerns over supply disruptions and geopolitical risks around the Strait of Hormuz. In contrast, gold prices declined as higher oil prices revived inflation concerns and reinforced expectations of elevated U.S. interest rates.