System Liquidity

System liquidity opened with a surplus of ₦3.53 trillion, increasing by ₦416 billion due to higher DMB placements at the SDF window despite bond auction settlements. The CBN conducted an OMO auction, offering ₦600 billion but allotting ₦1.11 trillion, while average funding costs eased slightly to 22.08%.

Treasury Bills

The NTB secondary market traded bullish as strong demand pushed most rates lower, with the average benchmark rate closing at 15.72%. Mid tenor bills such as 08 Oct 26, 05 Nov 26, and 03 Dec 26 rose to 15.89%, 15.92%, and 15.95%, while short dated papers were largely stable.

FGN Bonds

FGN bonds traded mixed but broadly bullish, driven by selective demand that compressed yields across key mid tenor maturities. Overall, the average benchmark yield declined by 29bps to close at 15.44% as long dated bonds recorded notable yield drops.

Eurobonds

African Eurobonds traded positively, supported by softer EU inflation data and geopolitical risks that lifted sentiment. Nigerian Eurobond yields declined across the curve, with the average benchmark yield easing 4bps to 6.88%, and long dated papers such as Jan 2036 dropping to 7.33%.

Nigerian Equities

The equities market closed negative as the ASI dipped 6bps despite maintaining a strong 24.91% YTD return, while the Pension Index also weakened. Market breadth was negative with 21 gainers versus 54 losers, and trading activity was led by FTGINSURE in volume and ZENITHBANK in value.

Foreign Exchange

The Naira depreciated by 5bps to close at ₦1,356.11/$, pressured by strong USD demand despite FPI and local inflows. The currency traded within a band of ₦1,353/$ to ₦1,361.50/$, while external reserves rose to $49.39 billion.

Commodities

Brent crude slipped to $71.14/bbl as higher than expected U.S. crude stock builds outweighed geopolitical supply concerns, while WTI traded around $65.55/bbl. Gold prices rose, with spot gold reaching $5,180.91/oz as investors sought safe haven assets amid U.S.–Iran tensions.