System Liquidity

System liquidity opened the week in a strong surplus position of ₦6.16 trillion as at 7 April 2026, reflecting a ₦706.69 billion increase week-on-week, driven mainly by ₦2.12 trillion OMO maturities. Despite the ample liquidity, average funding cost rose to 22.16%, with the overnight rate increasing to 22.31% while the OPR held steady at 22.00%.

Treasury Bills

The NTB secondary market remained largely quiet and stable as investor attention shifted to the primary auction, where ₦700 billion was offered and total subscriptions reached ₦2.96 trillion. Stop rates settled at 15.95%, 16.19% and 16.20% across the 91-, 182- and 364-day tenors, while the average benchmark yield edged down marginally by 3bps to 16.11%.

FGN Bonds

Trading in the FGN bond secondary market was subdued, with limited activity and minimal yield movements across the curve. Slight demand compressed the 20-Mar-28 yield by 1bp to 15.95%, while mild selling pushed the 18-Jul-34 yield up by 1bp to 16.14%, leaving the average benchmark yield unchanged at 15.61%.

Eurobonds

The Nigerian sovereign Eurobond market recorded a strong rally as yields declined across all tenors amid improved global risk sentiment. Short-dated bonds led the gains, with MAR 2029 and FEB 2030 yields falling to 5.85% and 6.49%, respectively, while the average benchmark yield dropped by 26bps to 7.22%.

Nigerian Equities

The Nigerian equities market closed higher as the All-Share Index gained 28bps, pushing year-to-date returns to 30.19%, despite negative market breadth. Trading activity remained robust with total value rising to $29.42 million, supported by significant block trades, while the banking and oil & gas sectors outperformed.

Foreign Exchange

The Naira appreciated by ₦14.83 to close at ₦1,371.82/$ at the NFEM, supported by improved FX supply conditions during the session. The currency traded within the ₦1,363.50/$–₦1,388.00/$ range, while external reserves declined by $192.67 million to $48.94 billion.

Commodities

Global oil prices fell sharply, with Brent crude dropping 11.88% to about $96.29 per barrel and WTI declining 16.41% to $94.41 per barrel following easing geopolitical tensions. Gold prices were mixed, as spot gold declined by 2.36% to $4,719.35/oz, while U.S. gold futures rose to around $4,745.15/oz.