System Liquidity

System liquidity stayed robust above ₦1.2 trillion, maintaining interbank rate stability. Overnight Policy Rate (OPR) held at 26.50%, while Overnight Rate (O/N) rose 13bps to 26.96% due to moderate liquidity pressures.

Treasury Bills

The T-bills market faced bearish sentiment, especially in March and April OMO bills. Low trading volumes persisted ahead of the NTB auction. Benchmark NTB mid-rate rose slightly by 3bps to 19.60%.

FGN Bonds

FGN bonds traded quietly with limited offers. Some interest in Jan 2035 saw no matches. Activity focused on June 2053 and Feb 2031. Benchmark mid-yield closed flat at 18.69%.

Eurobonds

Activity was limited due to a UK holiday. US services data calmed recession fears, though inflation concerns lingered. Nigerian Eurobonds were stable, with the average mid-yield unchanged at 10.42%.

Nigerian Equities

Nigerian equities rallied as ASI gained 62bps, driven by consumer and oil stocks. Banking lagged due to selloffs. Strong trades in large caps like MTNN and FCMB supported sentiment.

Foreign Exchange

Increased demand pushed the USD/NGN pair to ₦1,605.63, weakening the Naira by 22bps. The NAFEM window saw trades between ₦1,601.98 and ₦1,611.00 amid persistent FX pressure.

Commodities

Oil prices fell over 2% on OPEC+ output news. Brent dropped to $59.75, WTI to $56.61. Meanwhile, gold rose 2.2% on safe-haven demand ahead of Fed’s policy decision.