System Liquidity

System liquidity opened with a moderate surplus of ₦5.32 trillion, slightly lower than the previous session, largely supported by ₦5.09 trillion in DMB placements at the CBN’s SDF window and a ₦271.13 million primary market repayment. Despite the surplus, funding conditions were stable, with the Nigerian Overnight Financing Rate (NOFR) holding steady at 22.00%.

Treasury Bills

The Nigerian Treasury Bills secondary market traded on a mildly bearish note as yields edged higher across most maturities due to selective sell pressure, particularly at the mid-to-long end of the curve. Notable increases were recorded on the 03-Dec-26, 08-Apr-27, and 08-Oct-26 papers, while the average benchmark yield rose by 3bps to close at 16.02%.

FGN Bonds

The FGN bond secondary market remained subdued and slightly bearish as investors stayed cautious following the DMO’s announcement of a ₦600 billion bond offer. Trading activity was muted, with yields largely unchanged across the curve, leaving the average benchmark yield flat at 15.77%.

Eurobonds

The Nigerian Sovereign Eurobond market traded quietly and mixed, reflecting cautious sentiment amid global macroeconomic concerns. Mild buying interest in select mid-tenor papers pushed yields on the JUN-2031 and SEP-2033 lower, while the average benchmark yield edged down marginally by 1bp to 6.82%.

Nigerian Equities

The Nigerian equity market closed marginally higher as the NGX All-Share Index rose by 96.52 points to 252,508.19, lifting market capitalization by ₦64.14 billion to ₦162.05 trillion. Gains were driven by bargain hunting in medium- and large-cap stocks, despite mixed trading activity and sectoral performance.

Foreign Exchange

The Naira strengthened modestly at the NFEM, appreciating by ₦5.06 to close at ₦1,370.56/$, supported by stronger demand, improved liquidity, and sustained foreign portfolio inflows. External reserves also increased slightly by $31.20 million to $48.48 billion.

Commodities

Global oil prices declined as Brent crude fell 1.90% to $105.72 per barrel and WTI dropped 1.15% to about $101.00 per barrel amid rate hike concerns. Gold prices also softened, with spot gold declining 0.61% to $4,688.95/oz as inflation and monetary policy expectations weighed on sentiment.