System Liquidity

Market liquidity rose to a ₦956.7 billion surplus from a ₦317.8 billion deficit, boosted by a ₦146.4 billion NTB maturity, leading to a 13bps drop in funding costs; OPR fell 4bps to 24.50%, and the Overnight rate dropped 21bps to 24.86%.

Treasury Bills

The NTB secondary market traded quietly with a bullish undertone as investors positioned ahead of Wednesday’s auction, with the 8-Oct-2026 bill leading activity as its yield fell 20bps to 15.40%, causing the average benchmark rate to dip by 1bp to 16.05%.

FGN Bonds

The FGN bond market traded calmly with mixed activity across short- to mid-tenors ahead of the NTB auction, leading to a marginal 1bp decline in the average yield to 15.97%.

Eurobonds

he African Eurobond market traded bullishly today as investors positioned ahead of upcoming U.S. inflation data and the increasingly likely prospect of further U.S. interest‑rate cuts. Within this environment, the average Nigerian Eurobond yield declined by 13bps to 7.66%.

Nigerian Equities

The Nigerian Exchange closed on a positive note as the All-Share Index rose by 65bps, bringing year-to-date returns to 45.68%, driven by strong performances in BUACEMENT (+6.25%) and MTNN. Market turnover jumped 61.92% to $18.33 million, boosted by large cross trades in GEREGU, FIDELITYBK, and NB. Sector performance was broadly positive, with the Industrial Index outperforming, while overall market breadth was mixed with 30 gainers and 32 losers.

Foreign Exchange

The Naira appreciated by 68bps, closing at ₦1,465.29/$, after trading between ₦1,464.00 and ₦1,470.00, while Nigeria’s external reserves rose by $13.68 million day-on-day to $42.70 billion as of October 17, 2025.

Commodities

Global oil prices fell to their lowest levels since early May on fears of a supply glut and U.S.–China trade tensions, while gold surged over 2% as investors sought safe-haven assets amid rate cut expectations and upcoming economic data.