System Liquidity

System liquidity opened with a surplus of ₦3.68 trillion, a marginal improvement of ₦49.35 billion driven mainly by higher DMB placements at the CBN SDF window, which increased to ₦3.61 trillion. Average funding cost declined slightly to 22.63%, with the OPR at 22.50% and the OVN rate easing to 22.76%.

Treasury Bills

The NTB market was mostly stable, with minimal movements across the curve as demand remained balanced. The 03 Dec 26 bill rose by 5bps to 16.10%, while the 04 Feb 27 bill declined by 28bps to 15.98%, resulting in a slight drop in the average benchmark rate to 16.07%.

FGN Bonds

The FGN bond market closed mildly bearish, with selective sell offs in mid to long maturities pushing the average benchmark yield up by 11bps to 15.99%. Significant upward shifts occurred in the 21 Feb 31 and 27 Mar 35 maturities, both rising 100bps to 16.50% and 16.54%, while short and long ends of the curve were largely unchanged.

Eurobonds

African Eurobonds traded with mild bearish sentiment, as Nigerian maturities such as Feb 30 and Feb 32 increased by 5bps each to 6.19% and 6.90%, respectively. Jan 31 and Sep 33 also saw 3bps increases, yet the average Nigerian Eurobond benchmark yield still edged lower by 5bps to 7.04%.

Nigerian Equities

The Nigerian equity market closed the session on a bullish note, with the NGX All-Share Index and Market Capitalization both rising by 0.78%. The index gained 1,374.93 points to close at 178,184.35, while market capitalization increased by ₦880.34 billion to ₦114.38 trillion.

Foreign Exchange

The Naira appreciated by 15bps (₦2.07) to settle at ₦1,348.95/$, trading within a range of ₦1,351.00/$ to ₦1,345.00/$ amid improved FPI and local inflows. External reserves increased to $47.38 billion, representing a $351.11 million day on day rise.

Commodities

Brent crude gained 126bps to trade around $69.67/bbl, while WTI rose 150bps to about $64.92/bbl due to geopolitical tensions and U.S. crude inventory trends. Gold prices advanced over 1%, with spot gold at $5,093.74/oz and U.S. gold futures around $5,117.61/oz.