System Liquidity

Opening liquidity rose 5.46% to a ₦5.33trn surplus (from ₦5.05trn), with SDF placements dropping from ₦4.62trn to ₦2.61trn. The CBN offered ₦600bn at OMO but allotted ₦2.17trn at stop rates of 20.35% and 20.15%, while the OVN eased 1bp to 22.14%.

Treasury Bills

Bullish trading held up despite a second OMO auction, with the 15-Dec OMO bill most active and the 29-Jul NTB yield falling to 16.87%. Average T-bill yields still closed flat at 18.15%.

FGN Bonds

Demand clustered at the belly of the curve, with the 27-Aug-30, 27-Apr-32, and 25-Jun-32 yields down 43 bps, 26 bps, and 23 bps. Average bond yields moderated 7bps to 16.83% from 16.89%.

Eurobonds

Sovereign Eurobonds sold off, with the average benchmark yield up 4bps to 6.94% from 6.90% — the 2027 widened 10bps and the 2028/2031 by 5–6bps, while the 2030 tightened 1bp. Weakness tracked rising U.S. Treasury yields ahead of JOLTS, ADP, and Friday’s payrolls.

Nigerian Equities

The ASI and market cap both slipped 0.38% on profit-taking in FIRSTHOLDCO, WEMABANK, GTCO, and NESTLE amid H1 earnings. Volume jumped 69.25% to 1.56bn units while value fell 24.09% to ₦28.73bn. JAPAULGOLD took 57.94% of volume and MTNN 11.34% of value, with breadth at 13 gainers vs 39 losers and Banking (-1.27%), Consumer Goods (-1.25%), and Insurance (-1.11%) leading declines against Oil & Gas (+0.05%).

Foreign Exchange

The naira firmed 16 bps (₦2.28) to ₦1,362.55/US$ officially, while the parallel rate held at ₦1,415.00/US$, widening the spread. External reserves edged up US$1.91mn to $51.92bn as of 3 August 2026.

Commodities

Gold gained 0.99% to $4,095.55/oz as softer oil eased inflation fears and reinforced a less hawkish Fed outlook. Brent dropped 5.16% to $79.45/bbl and WTI 5.46% to $75.95/bbl on the prospect of a diplomatic resolution to the Iran conflict.