System Liquidity

System liquidity opened with a ₦4.12tn surplus, supported by ₦1.37tn OMO maturities despite SLF borrowing. The CBN’s OMO auction absorbed liquidity, while funding rates stayed stable, with OPR at 22.50% and OVN easing slightly.

Treasury Bills

The NTB secondary market traded mildly bearish, driven by selling in mid-to-long maturities amid expectations of Q1-2026 issuance. Short-dated bills were largely flat, while longer tenors recorded notable yield expansions, lifting average NTB rates by 16bps to 16.24%.

FGN Bonds

The FGN bond market traded mixed but slightly bearish as cautious sentiment prevailed. Short-dated papers saw yield movements, while selective sell pressure emerged on some mid-to-long tenors, nudging the average benchmark yield marginally higher by 1bp to 16.69%.

Eurobonds

African Eurobonds closed weaker amid profit-taking, softer oil prices, and uncertainty over U.S. rate cuts. Nigerian sovereign Eurobonds saw broad yield upticks, pushing the average benchmark yield 7bps higher to 7.12%.

Nigerian Equities

The Nigerian equity market closed positive as the ASI rose 46bps, lifting YTD returns to 2.79%, supported by strong market breadth. Gains in industrial stocks drove performance, offsetting weakness in banking, consumer goods, and oil and gas sectors. Trading activity was mixed, with banking stocks dominating value turnover.

Foreign Exchange

The naira appreciated for the fourth consecutive session, gaining 72bps to close at ₦1,419.07/USD at the NFEM, supported by FPI inflows. External reserves rose modestly to $45.61bn, reinforcing stability to the FX market.

Commodities

Global oil prices declined as markets weighed ample supply prospects against uncertainty surrounding Venezuelan output, with Brent and WTI falling over 1%. In contrast, gold prices extended gains, supported by safe-haven demand amid rising geopolitical tensions and ahead of key U.S. payroll data.