System Liquidity

System liquidity opened at a surplus of ₦5.21 trillion, down ₦461.94 billion due to ₦235.60 billion OMO settlement. Banks’ placements at the CBN SDF rose to ₦5.35 trillion. Funding conditions eased slightly as the average funding rate declined 5bps to 22.11%, with OPR at 22.00% and OVN at 22.21%.

Treasury Bills

The NTB secondary market traded calm-to-bearish as investors focused on the ₦1.05 trillion NTB auction across the 91-, 182-, and 364-day tenors. Short and mid-segment rates were unchanged, while the 7-Jan-2027 bill rose 41bps to 16.17%. Consequently, the average benchmark yield increased by 4bps to 15.84%.

FGN Bonds

The FGN bond market traded mixed-to-bearish, reflecting risk-off sentiment. Short-dated yields were mixed with 23-Feb-2028 rising to 16.15%, while 20-Mar-2028 and 17-Apr-2029 eased to 15.95% and 15.61%. Mid-tenors weakened sharply as 21-Feb-2031 and 27-Apr-2032 rose to 16.23% and 16.22%, lifting the average yield to 15.51%.

Eurobonds

Nigeria’s Eurobond market traded bullish as yields declined across the curve. The Mar-2028 yield fell to 6.00% and Nov-2027 to 5.81%. Mid-tenors improved with Jan-2036 at 7.68%, while long-dated bonds such as Jan-2046 and Nov-2047 eased to 8.36% and 8.25%. The average benchmark yield declined to 7.22%.

Nigerian Equities

The Nigerian equities market closed negative as the NGX ASI declined by 0.08%, though it remains up 26.25% YTD. The Pension Index fell 0.05% but maintains a 34.93% YTD return. Market breadth was weak with 22 gainers and 36 decliners. PREMPAINTS rose 10%, while DANGSUGAR fell 10%. Sector indices were largely negative: Banking Index −0.45%, Consumer Goods −0.86%, Oil & Gas −0.03%, Industrial −0.03%. Trade value declined 14.02% to $27.18 million, with MTNN dominating value trades.

Foreign Exchange

The Naira weakened slightly at the Nigerian Foreign Exchange Market, depreciating 20bps (₦2.80) to close at ₦1,387.10/$, after trading between ₦1,382.50/$ and ₦1,400.00/$. The decline reflected persistent dollar demand amid global risk-off sentiment. Meanwhile, Nigeria’s external reserves increased to $49.69 billion as of 27-Feb-2026.

Commodities

Commodity markets were mixed amid geopolitical tensions. Brent crude declined 26bps to $81.19/bbl, while WTI fell 5bps to $74.52/bbl, reflecting supply concerns linked to disruptions in the Strait of Hormuz. Conversely, safe-haven demand supported gold prices. Spot gold rose 91bps to about $5,133.85/oz, although U.S. gold futures declined 79bps to around $5,145.21/oz. The divergence highlights investor repositioning toward defensive assets amid heightened geopolitical risks and currency volatility in global markets.