System Liquidity

System liquidity rose to ₦5.84 trillion, up ₦622.34 billion, supported by ₦799.13 billion NTB maturity and higher SDF placements at ₦5.94 trillion. Funding costs increased to 22.14%, with OPR at 22.00% and OVN at 22.29%.

Treasury Bills

The NTB market traded cautiously after the ₦1.01 trillion PMA, where the 364-day bill cleared at 16.73%. Secondary yields rose slightly, with the average benchmark rate increasing 8bps to 15.92%.

FGN Bonds

The FGN bond market remained bearish as investors reacted to NTB auction results. The 2031 bond rose to 16.26% and 2032 to 16.23%, while the average benchmark yield held steady at 15.51%.

Eurobonds

Nigeria’s Eurobond market traded mixed amid global uncertainties and Middle-East tensions. Yields were largely stable, with the average benchmark yield at 7.11%, while the 2029 bond stood at 5.97%.

Nigerian Equities

The equities market closed higher as the NGX ASI gained 0.18%, extending YTD returns to 26.47% despite negative breadth of 32 gainers and 37 losers. Banking stocks supported performance, lifting the Banking Index by 0.51%. However, trading activity weakened as market turnover declined 26.83% to $19.94 million, with GTCO leading volume and value trades.

Foreign Exchange

The naira depreciated 3bps to ₦1,387.45/$ at the NFEM amid limited early session dollar supply. It traded within ₦1,382.00/$–₦1,388.00/$, while external reserves increased to $49.88 billion.

Commodities

Oil prices rallied amid escalating geopolitical tensions. Brent crude rose 4.09% to $84.73/bbl, while WTI gained 7.49% to $80.25/bbl on supply disruption fears linked to the Strait of Hormuz conflict. Meanwhile, gold weakened as strong U.S. economic data lifted Treasury yields and the dollar, with spot gold falling 1.14% to $5,077.43/oz.