System Liquidity: Liquidity rose 3.89% to ₦5.05trn from ₦4.86trn, as banks placed c. ₦4.86trn at the SDF window with no recourse to the SLF. The OPR fell 40bps to 20.00% and the overnight rate fell 26bps to 20.54%, pulling the average funding cost down 33bps to 20.27%. NOFR held at 20.00% and the average T-bill rate fell 3bps to 17.78%.

Treasury Bills: Yields eased across the curve as ample liquidity drew buying, mostly at the mid-to-long end. The 91-day, 180-day and 365-day each fell 3bps to 17.59%, 17.73% and 18.19%, and the average fell 3bps to 17.86%.

FGN Bonds: Trading was calm with a bearish tilt. The 3-year rose 15bps to 16.25%, while the 5-, 7-, 10- and 20-year were unchanged at 16.25%, 16.07%, 15.95% and 14.66%. The average held at 15.70%.

Foreign Exchange: The naira weakened 0.12% to ₦1,331.69/$ at NAFEM and 1.11% to ₦1,370.00/$ in the parallel market. That widened the gap between the two to about ₦38 from about ₦25. Reserves rose c. $24.99mn to c. $54.95bn.

Nigerian Equities: Profit-taking in AFRIPRUD (-7.31%), NESTLE (-5.17%), AIICO (-3.11%) and CADBURY (-2.52%) pulled the All-Share Index down 0.06% to 250,667.86 points, and market cap lost ₦91.16bn. SOVRENINS (+10.00%) led the gainers. Breadth was negative at 35 decliners to 28 gainers, and ACCESSCORP made up 50.34% of volume.

Eurobonds: Elevated US Treasury yields, with the 10-year near 5.30%, kept Nigerian Eurobonds under pressure across the curve. Yields rose 5bps to 11bps, the 10-year rose 6bps to 8.18%, and the average rose 6bps to 7.74%.

Commodities: Gold slipped 0.04% to $4,137.90/oz and silver gained 1.27% to $61.18/oz. Brent fell 0.40% to $101.84/bbl and WTI fell 0.41% to $90.74/bbl, as more crude was exported from the Middle East and major advanced economies promised to boost supply.