System Liquidity

System liquidity rose to ₦3.11tn from ₦1.81tn, supported by a ₦1.46tn inflow from the 21-Apr-2026 OMO maturity, although funding rates are expected to face moderate upward pressure as the July FGN Bond PMA settlement temporarily reduces system liquidity.

FGN Bonds

Trading was defined by strong buying interest, particularly in mid-tenor “on-the-run” bonds, supported by the July PMA outcome and the MPC’s decision to hold policy rates, with investor demand expected to remain strong in the domestic bond market.

Eurobonds

Nigerian, South African, and Angolan Eurobonds saw persistent profit-taking as rising U.S. Treasury yields and higher-for-longer Fed expectations weighed on emerging market debt, with the market expected to stay cautious on U.S. rate expectations and global risk sentiment.

Nigerian Equities

The market closed higher, driven by selective buying in large-cap stocks rather than broad-based strength; the market is expected to extend its positive momentum on positioning ahead of earnings releases and continued interest in fundamentally strong stocks.

Foreign Exchange

The naira strengthened across segments, supported by rising external reserves and continued CBN policy measures, with FX stability expected to persist in the near term.

Commodities

Gold rose on hopes of a U.S.-Iran diplomatic breakthrough, while oil gained on fears of worsening Middle East supply disruptions from further U.S.-Iran attacks and a threatened Houthi blockade of Saudi Arabia; prices are expected to stay volatile as these developments play out.