System Liquidity Liquidity built for a third day, up 73.15% to ₦6.91trn from ₦3.99trn. The MPC cut the policy rate 350bps to 23.00%, the OPR and NOFR held at 22.00% and the overnight rate was 22.27%.

Treasury Bills Rates edged down 1bp across the curve ahead of the MPC: the 91-day at 18.07%, the 180-day at 19.18% and the 365-day at 19.72%. That took the average to 18.81%.

FGN Bonds The 7-year was the only mover, down 15bps to 16.68%, while the rest of the curve held and the average slipped to 16.69%. The market has yet to price the rate cut.

Foreign Exchange The naira firmed 0.15% to ₦1,327.78/$ at NAFEM and 0.36% to ₦1,380.00/$ in the parallel market, narrowing the gap to about ₦52 from ₦55. Reserves are near $55bn.

Nigerian Equities The All-Share Index rose 0.18% to a record 250,614.66 points and market cap to ₦162.68trn. Banking (+2.50%) led and Insurance (-1.94%) was the only faller, with 36 gainers against 26 losers.

Eurobonds Yields were mixed and the average held at 7.07%. The 3-year eased to 6.03%, while the 7-, 10- and 20-year rose to 7.10%, 7.46% and 8.13% on hawkish Fed comments.

Commodities Gold fell 0.40% to $4,363.97/oz. Brent rose 0.84% to $100.37/bbl, ending a four-session losing run, after Houthi attacks on Saudi facilities.