System Liquidity: Cash in the system jumped 60.55% to c. ₦6.49trn from ₦4.04trn, and short-term rates edged up (Overnight 20.81%, Open Repo 20.40%). Liquidity should stay in surplus, though tomorrow’s ₦450bn T-bill auction may take some cash out.

Treasury Bills: Yields barely moved. The 91-day and 180-day fell 1bp each to 17.22% and 17.91%, and the 365-day fell 5bps to 18.66%. The average T-bill rate was almost flat at 17.86%. Demand for the 1-year bill should hold ahead of tomorrow’s auction.

FGN Bonds: There was mild selling in the middle of the curve. The 5- and 7-year yields rose 5bps and 3bps, while the rest were unchanged, and the average yield rose 2bps to 16.25%. Yields should stay close to current levels, as surplus liquidity limits any rise.

Foreign Exchange: The naira was steady, losing 0.07% to ₦1,332.97/$ at NAFEM. The parallel market was unchanged at ₦1,375.00, so the gap narrowed to 3.15%. The official window should stay stable.

Nigerian Equities: The market slipped again as investors sold large stocks to lock in gains. The All-Share Index fell 0.09% to 247,513.63 points, led by banking, but gainers still beat decliners 24 to 20. The year-to-date return is 59.06%.

Eurobonds: Buyers returned. Yields fell across the curve, and the average yield dropped 7bps to c. 7.64%, even with oil above US$105.

Commodities: Gold was flat at US$4,189.62/oz (+0.04%). Oil fell 1.00% to US$105.64/bbl, as hopes of more Russian diesel supply outweighed worries about attacks on Saudi Arabia.