System Liquidity

System liquidity improved to ₦3.23tn from ₦3.11tn, while funding rates remained elevated around 22%, with mild upward pressure expected as the ₦931.82bn July FGN Bond PMA settlement temporarily moderates liquidity.

FGN Bonds

Trading was supported by sustained buying interest across the curve, particularly at the short and mid-tenor segments, following the MPC’s decision to retain policy rates, with investor demand expected to remain firm in the domestic bond market.

Eurobonds

Nigerian Eurobonds traded cautiously as higher U.S. Treasury yields and expectations of prolonged elevated U.S. interest rates continued to weigh on emerging market debt, with sentiment expected to remain driven by global risk appetite and Fed policy expectations.

Nigerian Equities

The market closed lower as profit-taking in mid- and blue-chip stocks, particularly in the Consumer Goods sector, outweighed positive market breadth, with bargain hunting expected to provide near-term support despite the risk of further profit-taking.

Foreign Exchange

The naira weakened, reversing the previous session’s appreciation, with the FX market expected to remain broadly stable as CBN liquidity measures continue to support supply.

Commodities

Brent crude climbed to a six-week high on renewed Middle East supply concerns, while gold extended gains above $4,100/oz on safe-haven demand, with both commodities expected to remain volatile amid geopolitical developments and interest rate expectations.