System Liquidity Liquidity fell for the first time in five days, down 4.02% to ₦7.15trn from ₦7.45trn. The OPR eased 20bps to 20.80% and the overnight rate 78bps to 20.98%.

Treasury Bills Lower auction stop rates pulled rates down, led by the 365-day, down 60bps to 18.52%. The 91-day and 180-day eased 1bp each to 18.05% and 17.92%, taking the average to 18.16%.

FGN Bonds Yields fell across the curve for a second day, led by the 3-year, down 35bps to 15.60%. The average dropped 29bps to 15.62%.

Foreign Exchange The naira was flat at ₦1,328.67/$ at NAFEM and firmed 0.14% to ₦1,385.00/$ in the parallel market, narrowing the gap to about ₦56 from ₦59. Reserves are at $55.25bn.

Nigerian Equities The All-Share Index rose 0.38% to a record 252,149.98 points and market cap to ₦163.68trn. Oil & Gas (+3.95%) led while Banking (-0.29%) and Insurance (-0.08%) fell, with 28 gainers against 24 losers.

Eurobonds Yields rose across the curve as the Fed’s rate hikes kept US yields high, lifting the average to 7.26%. The 3-year rose 10bps to 6.28% and the 10-year 3bps to 7.60%.

Commodities Gold fell 0.25% to $4,316.15/oz as hopes grew for US-Iran talks. Brent rose 1.82% to $104.41/bbl on Houthi attacks on Saudi Arabia.