System Liquidity

System liquidity improved to ₦2.13tn, supported by strong SDF placements and primary market repayments. Funding costs rose, with the OPR unchanged at 22.50% and the OVN increasing to close at 22.78%.

Treasury Bills

The NTB market closed calm to positive, supported by improved liquidity and softer inflation data. Most tenors were flat, while mild demand at the long end eased rates, nudging the average benchmark rate lower by 1bp to 16.63%.

FGN Bonds

The FGN bond market traded calm to positive following the release of December CPI at 15.15%. Mild buying interest drove yield compression in select short-to-mid tenors, easing the average benchmark yield by 4bps to 16.76%.

Eurobonds

African Eurobonds traded mixed to bullish amid volatile oil prices and cautious positioning. Nigerian Eurobonds recorded mild gains, with strength at the short and long ends outweighing softness in the belly, pulling average yields down to 7.19%.

Nigerian Equities

The NGX closed lower as the ASI declined 43bps, though year-to-date returns remained positive. Market breadth was negative, reflecting profit-taking after recent gains. Banking and consumer goods stocks posted gains, led by ETI and NESTLE, while oil and gas stocks dragged performance. Trading value improved, driven largely by off-market crosses in large-cap stocks. Overall sentiment was mixed as investors rotated amid softer inflation data.

Foreign Exchange

The Naira strengthened marginally by 5bps (₦0.75) to ₦1,419.28/$ at NFEM, aided by improved supply moderating demand in a narrow trading band. External reserves rose $42.88 million to $45.82 billion (as of 14-Jan-26).

Commodities

Oil prices fell over $3, ending a five-day gain streak; Brent -4.3% to ~$63.60/bbl, WTI -4.5% to ~$59.05/bbl, due to eased U.S.-Iran tensions. Gold declined 11bps to $4,615.64/oz (spot) and 26bps to $4,623.76/oz (futures) amid stronger dollar and reduced safe-haven demand.