System Liquidity

System liquidity strengthened significantly, rising 69.66% to a surplus of ₦5.05 trillion from ₦2.98 trillion, supported by a ₦23.96 billion coupon inflow and a 66.52% increase in CBN Standing Deposit Facility placements to ₦4.62 trillion. The CBN allotted ₦2.52 trillion at its OMO auction versus a ₦600 billion offer, while the Overnight Rate edged up by 1bp to 22.15%.

Treasury Bills

The Treasury Bills market traded bullishly following the OMO auction, where the 141-day tenor attracted about ₦2.97 trillion in subscriptions, with ₦2.52 trillion allotted. Strong investor demand drove yields lower, causing the average treasury bill yield to contract by 8bps to 18.15% from 18.23%.

FGN Bonds

The FGN bond market remained active and bullish, with the strongest demand concentrated in the 2035 and 2037 maturities. Sustained buying interest pushed the average bond yield down by 19bps to 16.89% from 17.08%, reflecting improving sentiment in the fixed income market.

Eurobonds

Nigeria’s sovereign Eurobond market traded with a bullish tone amid improved risk appetite for emerging-market debt. Average yields declined by about 7bps, settling at 6.90% from 6.97%, reflecting stronger investor demand.

Nigerian Equities

The Nigerian equities market began the month positively, as both the NGX All-Share Index (ASI) and Market Capitalization gained 0.18%. However, trading activity weakened, with volume and value traded declining by 2.12% and 19.02%, respectively, despite 923.01 million shares worth ₦37.85 billion changing hands.

Foreign Exchange

The naira was unchanged in the official market at ₦1,368.22/$, while it weakened by 71bps (₦10) in the parallel market to ₦1,415.00/$. Meanwhile, Nigeria’s external reserves rose marginally by $1.91 million to $51.92 billion as of 31 July 2026.

Commodities

Gold softened slightly, falling 0.06% to around $4,053/oz, as investors monitored geopolitical developments and U.S. economic data. Crude oil prices weakened sharply, with Brent dropping 4.73% ($4.16) to approximately $83.77/bbl, while WTI declined 0.45% to about $79.98/bbl.