System Liquidity

System liquidity opened with a surplus of ₦6.96 trillion, improving by ₦344.63 billion from the previous day, largely supported by ₦6.92 trillion in DMB placements at the CBN’s SDF and ₦556.02 billion from NTB maturities. This was partly offset by a ₦731.75 billion PMA settlement and ₦20.00 billion SLF borrowing, while the Nigerian Overnight Financing Rate (NOFR) remained unchanged at 22.00%.

Treasury Bills

The NTB secondary market was flat as investors digested the settlement of the latest auction, with ₦731.75 billion allotted against ₦700 billion offered across the 91-, 182- and 364-day tenors. Stop rates settled at 15.949%, 16.14%, and 16.15%, leaving the average benchmark yield unchanged at 16.02%.

FGN Bonds

FGN bond trading remained subdued and mixed, reflecting cautious investor sentiment and limited activity across the curve. Minor yield movements were recorded in select maturities, while the average benchmark yield closed unchanged at 15.77%.

Eurobonds

Nigeria’s Eurobond curve was mixed-to-bearish, with marginal yield widening of 1–4 bps across most maturities, particularly in the belly of the curve. Despite selective demand in some long-dated papers, the average Nigerian Eurobond yield edged higher by 1bp to close at 6.73%.

Nigerian Equities

The equity market closed bearish as profit-taking in major industrial and banking stocks drove the NGX All-Share Index down by 1.23% to 239,734.61, with market capitalization declining by ₦1.92 trillion to ₦153.86 trillion. Trading activity improved, with total value traded rising to ₦72.17 billion, while sectoral performance remained mixed.

Foreign Exchange

The naira appreciated by ₦1.49 against the U.S. dollar at the NFEM, closing at ₦1,355.85/$ amid stronger FX supply and sustained foreign portfolio inflows. External reserves, however, declined marginally by $7.73 million to $48.32 billion.

Commodities

Oil prices turned positive in volatile trading, with Brent crude rising to $101.62 per barrel and WTI trading around $95.91 per barrel. Gold also advanced, with spot prices gaining to approximately $4,710.03 per ounce amid easing inflation concerns.