System Liquidity: Liquidity Volatile as CBN Mop-Up Drives Midweek Deficit System liquidity fluctuated during the week, briefly turning negative midweek due to aggressive OMO sales, before closing in surplus on maturities and strong SDF placements. Funding rates ticked higher, reflecting tighter conditions. Treasury Bill: Bearish Auction Outcome Pushes NTB Yields Higher The NTB market turned […]

NBS Readjust Base Year Methodology to Global Standard as Inflation Ease To 15.15% In Dec’25 This week, we took a look at a major economic data published by the National Bureau of Statistic (NBS)- the Nigeria Consumer Price Index (CPI), for the month of December 2025. According to the data released, the Headline inflation rate […]

Base-Year Effect Festive Spending to Halt Disinflationary Trend in December; Headline CPI expected at a range of 31.4– 32.4%y/y In the week ahead, the National Bureau of Statistics (NBS will publish the Consumer Price Index (CPI) for the month of December 2025. The expected CPI data will show how Nigeria has dealt with increase in […]

System Liquidity: Liquidity Swings Amid Holiday Crunch Liquidity was volatile during the shortened holiday week, boosted midweek by OMO maturities but easing toward week-end as SDF placements declined. Funding conditions remained relatively favourable, with overnight and repo rates largely stable. Treasury Bill: NTB Market Trades Mostly Flat with Selective Yield Compression The NTB market traded […]

System Liquidity: Improvement in System Liquidity Pushes Funding Cost Lower by 4bps w/w Interbank system liquidity remained robust throughout the week, supported by sustained DMB placements at the CBN’s SDF window, alongside OMO maturities and bond coupon inflows, despite the settlement of a ₦1.73 trillion OMO auction. Liquidity opened at a surplus of ₦2.15 trillion, […]

Headline Inflation Moderates to 14.45%, Below FG 2025 Target According to the data released by the National Bureau of Statistics, the Nigeria’s Headline inflation rate (the measure of the average change in the general price level of goods and services in the economy) for November 2025, slows for the eighth consecutive month to 14.45%y/y from […]

Mixed Foreign Trade Performance as Imported Refined Oil Dip During the week, the National Bureau of Statistics published the Nigeria Foreign Trade data for Q3-2025. According to the data, the Nigeria balance of trade in Q3-2025 fell by 10.4%q/q but rose by 27.3% y/y to ₦6.7 trillion, compared to ₦7.5 trillion in Q2-2025 and ₦5.3 […]

Service Sector Led Nigeria Q3’25 Economic Expansion During the week, the National Bureau of Statistics (NBS) published one of the major economic indication data, Gross Domestic Product (GDP) for the third quarter (Q3) of 2025. According to the report, Nigeria’s economy expanded by 3.98%y/y in Q3’25 to ₦57.0 trillion from ₦54.9 trillion in Q3’24. Although, […]

System Liquidity System liquidity stayed strong, supported by ₦1.11tn OMO maturity inflow and sustained SDF placements, despite ₦583.5bn bond auction outflow. Funding rates declined sharply as OPR fell to 22.50% and OVN to 22.71%. Treasury Bills The NTB market traded volatile but ended bullish as strong liquidity drove increased demand. Yields declined 11bps w/w to […]

System Liquidity System liquidity stayed broadly stable as inflows from maturities and DMB placements offset heavy OMO and NTB settlements, ending the week at ₦1.3tn with funding rates slightly lower w/w. Treasury Bills The NTB market traded mildly bullish, with strong liquidity keeping yields largely stable and ending the week 5bps lower at 15.67%. FGN […]