System Liquidity Liquidity fell 16.40% to ₦5.98trn from ₦7.15trn as ₦6.09trn in bids chased ₦1trn of OMO bills. The OPR eased 40bps to 20.40% and the overnight rate 21bps to 20.77%.

Treasury Bills Record-low auction stop rates pulled rates down, led by the 91-day, down 37bps to 17.68%. The 180-day eased 15bps to 17.77% and the 365-day 11bps to 18.41%, taking the average to 17.95%.

FGN Bonds The post-cut rally paused. The 3-year rose 26bps to 15.86% and the average 3bps to 15.64%.

Foreign Exchange The naira eased 0.06% to ₦1,329.51/$ at NAFEM and held at ₦1,385.00/$ in the parallel market, leaving the gap at about ₦55. Reserves are at $54.86bn.

Nigerian Equities Selling in banking stocks ended the run of record closes. The All-Share Index slipped 0.01% to 252,132.61 points and market cap to ₦163.66trn. Banking (-0.69%) led the decliners, with 28 gainers against 24 losers.

Eurobonds Yields rose across the curve as US yields near 5% weighed, lifting the average to 7.26%. The 3-year rose 20bps to 6.28% and the 10-year 18bps to 7.60%.

Commodities Gold rose 0.21% to $4,325.05/oz on festive-season buying in India. Brent fell 0.82% to $103.55/bbl after Iran offered to reopen the Strait of Hormuz.