System Liquidity

System liquidity opened with a surplus of ₦2.68 trillion, a decline of ₦850.64 billion from the previous session due to reduced DMB placements at the SDF window and a ₦1.11 trillion OMO settlement. Average funding cost inched up to 22.13%, with OPR at 22.00% and OVN at 22.25%.

Treasury Bills

The NTB secondary market traded largely stable with yields holding firm across most maturities. Only the 04-Feb 27 bill saw movement, rising 23bps to 15.68%, leading the average benchmark rate to edge up 2bps to 15.85%.

FGN Bonds

The FGN bond market traded mixed as selective buying offset mild selling pressure across the curve. Average benchmark yield declined by 29bps to 15.44%, with short-end maturities such as the 20-Mar 27 and 21-Feb 31 easing by 1bp each and notable mid-curve movements such as the 17-Apr 29 rising 11bps.

Eurobonds

African Eurobonds traded on a mildly bearish note as Nigerian yields rose across the curve amid oil price volatility. Nigeria’s average Eurobond benchmark yield widened by 6bps to 6.94%, with short dated papers such as Nov 2027 rising to 5.21% and long dated Jan 2036 reaching 7.44%.

Nigerian Equities

The Nigerian market closed negative as the ASI fell by 41bps, though YTD performance remained strong at 24.39%. Market breadth weakened with 30 gainers against 37 decliners, while JAPAULGOLD led volumes at 73.25m shares and ZENITHBANK topped value traded at ₦4.06bn.

Foreign Exchange

The Naira depreciated by 27bps (₦3.70) to close at ₦1,359.82/$, trading within a band of ₦1,356.50–₦1,362.90/$ amid strong USD demand. External reserves increased to $49.51 billion, reflecting a $115.96 million day on day addition.

Commodities

The Naira depreciated by 27bps (₦3.70) to close at ₦1,359.82/$, trading within a band of ₦1,356.50–₦1,362.90/$ amid strong USD demand. External reserves increased to $49.39 billion, reflecting a $120.05 million day on day addition.