System Liquidity

Liquidity opened stronger at ₦3.06tn, driven by higher SDF placements and PMA inflows of ₦109.42bn. Net system balance rose ₦480.52bn. Funding conditions stayed tight, with average funding cost flat at 22.63% as OPR and O/N closed at 22.50% and 22.75%.

Treasury Bills

Post-PMA trading opened mixed, but strong demand for the new one-year bill drove early bullish momentum, with yields trading below stop rate. Isolated sell-offs on Feb-26 capped gains. Average NTB benchmark closed flat at 16.04%.

FGN Bonds

Mixed-to-bullish sentiment prevailed as short-end selling was offset by strong demand for select belly papers. The 2029s led gains, while mild sell pressure surfaced at the long end. Average benchmark yield edged down 1bp to 16.70%.

Eurobonds

African sovereigns traded firm on softer US CPI and stable jobless claims. Nigeria papers saw broad-based demand, with yields lower across most maturities except Jun-2031 and Jan-2036. Average Nigeria benchmark eased 2bps to 7.22%.

Nigerian Equities

Market closed positive as gains in consumer and banking stocks lifted the ASI by 35bps. Breadth improved despite mixed sentiment and heavy block trades. Value traded fell sharply, with activity concentrated in FIRSTHOLDCO and GEREGU.

Foreign Exchange

The naira weakened on the NFEM amid supply-demand imbalance, closing at ₦1,457.84/$ within a narrow intraday band. External reserves declined by $57.05m to $45.21bn, trimming YTD gains.

Commodities

Oil prices edged higher on geopolitical supply concerns, with Brent and WTI gaining over 1%. Gold softened as the metal failed to attract safe-haven demand, posting mild declines across spot and futures.