System Liquidity

System liquidity opened with a surplus of ₦8.15 trillion, a decline of ₦91.12 billion due mainly to net outflows from primary market activities. Despite this, SDF balances increased by ₦113.78 billion to ₦8.18 trillion, while the average funding cost inched up to 22.14%.

Treasury Bills

The NTB secondary market traded mixed, with notable upward repricing in shorter to mid tenors such as the 08 Oct 26 bill rising 49bps to 16.49% and the 05 Nov 26 up 38bps to 16.45%. Some longer bills eased, resulting in the average benchmark rate increasing by 9.5bps to 16.20%.

FGN Bonds

The FGN bond market was mildly bearish with selective repricing across the curve, including the 23 Feb 28 rising 1bp to 16.18% and the 15 May 33 climbing 5bps to 16.14%. Overall, the average benchmark yield dipped slightly by 2bps to 15.58%, reflecting cautious trading activity.

Eurobonds

Nigerian sovereign Eurobonds traded mixed as investors reacted to global uncertainties and volatile oil prices. Benchmark yields edged up by 1bp to 7.29%, influenced by a stronger U.S. dollar and resilient U.S. labour data.

Nigerian Equities

The equity market opened lower, with the ASI declining by 1.07% ( 2,142.83 points) to 199,014.02, while market capitalization fell to ₦127.75 trillion. Trading activity weakened sharply, as total volume and value dipped 86.00% and 58.99%, respectively.

Foreign Exchange

The Naira weakened by 2.55% (₦34.48) to close at ₦1,388.38/$, amid demand outweighing supply during the session. Gross external reserves stood at $49.79 billion, marking a marginal drawdown of $43.61 million from the previous day.

Commodities

Oil prices dropped sharply, with Brent crude falling 7.02% to about $98.94/bbl and WTI sliding 10.41% to $88.00/bbl following reduced geopolitical tension. Gold also experienced significant volatility, with spot prices losing 8.47% to $4,410.77/oz and futures dipping 9.99% to $4,440.09/oz.