System Liquidity

System liquidity opened the week at ₦3.56 trillion, lower than the previous session, reflecting a day‑on‑day decline of ₦275.08 billion, although conditions remained supported by ₦3.46 trillion in DMB placements at the CBN’s Standing Deposit Facility. Average funding cost rose by 4bps to 22.12%, with the overnight rate climbing to 22.23% while the OPR held steady at 22.00%.

Treasury Bills

The NTB secondary market traded completely flat, with no yield movements recorded across all benchmark maturities as investors remained sidelined ahead of the primary auction. As a result, yields on bills ranging from the May 2026 to March 2027 maturities closed unchanged, leaving the average benchmark yield unchanged at 16.02%.

FGN Bonds

The FGN bond secondary market traded on a mildly bearish and mixed note, with selling pressure concentrated in the short‑to‑mid segment of the curve. The 23‑Feb‑28 bond sold off sharply to 16.70%, while overall movements pushed the average benchmark yield higher by 8bps to 15.67%.

Eurobonds

Nigeria’s sovereign Eurobond market opened the week quietly, with yields largely unchanged across the curve amid elevated geopolitical concerns. Short‑dated bonds saw mild tightening, while longer maturities widened slightly, leaving the average benchmark yield flat at 7.00%.

Nigerian Equities

The equities market closed higher as the All‑Share Index rose by 0.39% to 218,015.78 points, lifting market capitalization by ₦546.12 billion to ₦140.37 trillion. Gains were driven mainly by banking stocks, although trading volume and value declined by 23.75% and 10.93%, respectively.

Foreign Exchange

The Naira depreciated by 45bps to close at ₦1,349.67/$ at the NFEM, despite CBN intervention and demand from local participants. The currency traded within the ₦1,341.00/$–₦1,353.00/$ range, while external reserves declined by $26.31 million to $48.62 billion.

Commodities

Global oil prices surged on renewed geopolitical tensions, with Brent crude rising 5.32% to about $95.19 per barrel and WTI gaining 5.55% to $87.17 per barrel. Gold prices were mixed, as spot gold rose 1.19% to $4,811.98/oz while U.S. gold futures declined to $4,832.26/oz.