System Liquidity

System liquidity opened with a surplus of ₦3.63 trillion, up ₦878.86bn d/d, driven by ₦2.55trn SDF placements, ₦993bn OMO maturity inflow, and marginal primary market inflows. Funding costs edged higher, with OVN at 22.86% and OPR steady at 22.50%.

Treasury Bills

The NTB secondary market traded largely flat, reflecting cautious positioning. Most maturities closed unchanged, while the 04-Feb-27 bill widened by 23bps to 16.26%. Consequently, the average benchmark NTB rate edged 2bps higher to 16.09%, despite ample system liquidity.

FGN Bonds

FGN bonds closed bullish, led by strong demand at the mid-to-long end. Yields on 2038, 2042, 2050, and 2053 papers declined by up to 89bps, pulling the average benchmark yield 24bps lower to 15.88%, despite mixed movements at the short end.

Eurobonds

Nigerian Eurobonds traded positive amid mixed global data. Buying interest drove yield compression across key maturities, with Sep-28 and Jan-31 shedding 8bps and 7bps, respectively. As such, the average benchmark yield edged 5bps lower to 7.04%.

Nigerian Equities

The Nigerian equities market closed firmly positive as the NGX ASI rose 1.65% d/d, lifting YTD return to 13.62%. Market breadth was strong (65 gainers vs 22 losers), while sectoral indices all advanced, led by Oil & Gas (+2.97%) and Industrial Goods (+2.93%). Trading value rose 17.5% to $37.1m, with MTNN leading value and DEAPCAP dominating volumes.

Foreign Exchange

The naira strengthened at the NFEM, appreciating 24bps (₦3.24) to close at ₦1,351.02/$, supported by improved inflows from FPIs and local participants. The currency traded within the ₦1,349.00–₦1,354.00/$ band, while external reserves rose by $112.95m d/d to $47.03bn.

Commodities

Oil prices softened slightly amid geopolitical uncertainty, with Brent easing 0.14% to $68.94/bbl and WTI down 0.37% to $64.12/bbl. Gold prices declined as investors awaited key U.S. macro data, with spot gold falling 0.57% to $5,036.54/oz and U.S. futures down 0.35% to $5,061.60/oz, reflecting cautious near-term sentiment.