System Liquidity:Liquidity rose 8.99% to c. ₦4.04trn. The Overnight rate eased to 20.72%, and the Open Repo rate fell to 20.00%. Liquidity should stay in surplus.

Treasury Bills: The market was mixed. The 91-day yield fell 2bps to 17.23%, the 180-day rose 22bps to 17.91%, and the 365-day rose 7bps to 18.71%. The average T-bill rate was almost flat at 17.87%.

FGN Bonds: The market was bearish. Yields rose 26bps, 20bps and 41bps at the 3-, 5- and 7-year points, while the 10- and 20-year were unchanged. The average yield rose 17bps to 16.23%. Yields should stay close to current levels.

Foreign Exchange: The naira lost 0.07% to ₦1,332.10/$ at NAFEM. In the parallel market, the dollar fell 0.36% to ₦1,370.00, narrowing the gap with NAFEM to 2.85%. The official window should stay stable, with the gap staying below 3.00%.

Nigerian Equities: The All-Share Index fell 0.25% to 247,736.24 points, as losses returned after the seven-session losing streak ended. Market cap lost c. ₦407.30bn, and 31 stocks fell against 26 gainers. The year-to-date return is 59.20%.

Eurobonds: The market was bullish. Yields fell across the curve, and the average yield fell 4bps to c. 7.70%. Oil worries rose, but yields still fell.

Commodities: Gold fell 0.75% to US$4,187.92/oz. Oil rose 2.19% to US$106.71/bbl, as attacks on Saudi Arabia raised supply worries.