MACROECONOMIC AND FINANCIAL MARKETS WEEKLY UPDATE – 26 JUNE 2026
Caution Dominates Markets Amid Rising Yields and Global Uncertainty
SYSTEM LIQUIDITY
System liquidity remained strong, supported by bond coupon payments and OMO maturities. Overnight rates were broadly unchanged, while funding costs are expected to ease further with another large OMO maturity injecting liquidity into the system.
FIXED INCOME MARKET
The FGN bond and Treasury bill markets traded bearish as investors repriced yields higher following the June bond auction, where the DMO issued bonds at significantly higher stop rates. Market activity is expected to remain driven by liquidity conditions and prevailing yield levels.
NIGERIA EQUITIES MARKET
The NGX closed lower for the week as widespread profit-taking in medium- and large-cap stocks across major sectors outweighed gains in banking stocks. Despite the pullback, the near-term outlook remains cautiously optimistic.