System Liquidity: Liquidity stayed in surplus all week. It opened at ₦6.28 trillion, peaked at ₦8.40 trillion and closed at ₦6.94 trillion, with the CBN taking out ₦2.63 trillion through OMO sales. The OPR held at 20.00% and the overnight rate fell 2bps to 20.36%.

Treasury Bills: The market was mixed with a slight selling bias. The CBN’s OMO sale made investors cautious, and the average yield rose 5bps to 17.97%.

FGN Bonds: The market was mixed with a selling bias. The October auction was undersold (₦1.21 trillion allotted against ₦1.72 trillion in bids), and selling focused on the middle of the curve. The average yield rose 8bps to 16.24%.

Foreign Exchange: The Naira weakened at the official window, losing ₦29.58 for the week to close at ₦1,361.84/$ at NAFEM. The parallel market was flat at ₦1,370.00. Reserves rose about $68.19 million to $55.16 billion.

Nigerian Equities: The NGX-ASI fell 0.13% for the week to 247,222.27 even after a 0.92% gain on Friday. Four of five sectors fell, led by Insurance (-2.79%) and Oil & Gas (-2.55%), while Industrial Goods rose 1.95%. The year-to-date return is 58.87%.

Eurobonds: The market was mixed with a mild selling bias. High US Treasury yields and oil prices weighed on mood early in the week, but buying returned from mid-week. The average yield ended unchanged at 7.33%.

Commodities: Gold fell 4.42% to US$4,012.27/oz, while Brent crude rose 7.10% to US$115.84/bbl on continued supply worries.