System Liquidity Liquidity rose 3.84% d/d to ₦2.56trn despite the ₦1.05trn NTB settlement, with funding rates pinned at 22.00%; ₦2.94trn of OMO maturities set direction this week.

Treasury Bills The average benchmark yield eased 2bps to 19.03% after the CBN allotted ₦1.05trn and cut the 364-day stop rate 22bps to 16.62%; strong primary demand should cap any sell-off.

FGN Bonds Yields closed flat at an average 16.31% as mid-curve demand offset long-end selling, leaving the curve sharply inverted.

Foreign Exchange The naira firmed 0.02% to ₦1,326.30/$ at NAFEM while the parallel rate slipped to ₦1,390.00/$; CBN supply should keep it range-bound near ₦1,330/$.

Nigerian Equities The All-Share Index gained 0.10% to 243,299.24 points, with Banking (+0.68%) the lone advancing sector.

Eurobonds A second day of profit-taking lifted the curve 8bps to an average 7.12%, with hawkish Fed repricing keeping it rangebound.

Commodities Gold fell 1.06% to $4,413.54/oz on Fed repricing, while Brent added 1.01% to $98.65/bbl on Hormuz and Russian supply risk.