System Liquidity: The ₦4.69trn OMO sale settled and cut liquidity to ₦4.70trn from ₦8.84trn. Liquidity then rose 3.32% to ₦4.86trn. The OPR rose 40bps to 20.40% and the overnight rate rose 41bps to 20.80%. NOFR held at the 20.00% floor and the average T-bill rate was flat at 17.81%.

Treasury Bills: Yields eased across the curve after the OMO settlement. The 91-day and 365-day each fell 2bps to 17.62% and 18.22%, the 180-day fell 1bp to 17.76%, and the average ended at 17.87%.

FGN Bonds: Sellers returned to the 5-year and pushed it up 10bps to 16.25%, while the 10-year fell 6bps to 15.95%. The average rose 1bp to 15.81%.

Foreign Exchange: The naira weakened 0.07% to ₦1,330.10/$ at NAFEM and 13.50% to ₦1,555.00/$ in the parallel market. That widened the gap between the two to about ₦225 from ₦41.

Nigerian Equities: Sell-offs in First Holdco (-6.16%), NGX Group (-6.85%) and VFD Group (-6.90%) pulled the Banking index down 0.97%. The All-Share Index fell 0.16% to 250,808.27 points and market cap lost ₦261.92bn to ₦162.84trn. AIICO and TRANSEXPR (+10.00%) led the gainers and STANBICETF30 (-10.00%) led the decliners.

Eurobonds: The US 10-year Treasury yield hit 5.34%, its highest since 2002, and Nigerian Eurobonds sold off across the curve. The average rose 26bps to 7.82% and the 10-year rose 21bps to 8.12%.

Commodities: Weaker-than-expected US jobs data raised the odds of a Fed hold in October, and gold rose 0.94% to $4,217.22/oz. Brent fell 2.57% to $99.68/bbl on reports that Europe may release strategic oil and diesel stocks.