System Liquidity

System liquidity jumped to ₦5.5tn due to ₦1.4tn OMO maturities, while funding rates increased with the OPR rising to 24.60% and the O/N rate to 25.10%.

Treasury Bills

The NTB market remained muted as investors focused on the upcoming ₦700bn auction, while OMO allotments of ₦2.98tn left average yields unchanged at 15.71%.

FGN Bonds

The FGN bond market traded quietly with mixed movements across the curve, leaving the average benchmark yield steady at 15.46%.

Eurobonds

African Eurobonds traded with a mixed tone due to U.S. economic data, resulting in a slight 1bp drop in Nigeria’s average Eurobond yield to 7.75%.

Nigerian Equities

The Nigerian equities market closed negative by 12bps amid weak banking sector performance, though activity was dominated by a large off-market ARADEL cross.

Foreign Exchange

The naira appreciated slightly to ₦1,447.43/$, supported by CBN intervention and rising external reserves of $43.97bn.

Commodities

Oil and gold prices rose on geopolitical and macroeconomic factors, although both markets may face pressure in the near term from Russian supply and reduced Fed easing expectations.