System Liquidity: Liquidity surged 28% (₦2.05 trillion) to ₦9.35 trillion, helped by a ₦2.13 trillion OMO repayment. The overnight rate fell 45bps to 20.36%, close to the 20.00% OPR.

Treasury Bills: The NTB market was little changed. The average rate eased 1bp to 17.92%, and the 91-day, 180-day and 365-day yields each fell 1bp.

FGN Bonds: The market was mostly flat. Only the 5-year moved, falling 5bps to 16.80%, and trading was light.

Foreign Exchange: The naira gained 1.09% at the NFEM window to ₦1,352.87/$. The average BDC rate fell 0.8% to ₦1,385/$, so the gap between the two markets widened to 2.37%.

Nigerian Equities: The NGX-ASI rose 1.07% to 253,990.06 points, a third straight gain, led by Dangote Cement (+9.80%). Breadth was weak, with 20 gainers and 36 decliners, and the year-to-date return is 63.22%.

Eurobonds: Yields fell across the curve, by 3bps to 7bps. The FGN Euro 3-year fell to 6.38% and the 20-year to 8.54%.

Commodities: Gold rose 0.95% to US$4,063.80/oz. Brent crude fell 1.04% to US$110.13/bbl, but attacks on Saudi Arabia kept prices high.