System Liquidity

System liquidity remains in deficit but improved by reduced SLF funding and coupon inflow. Funding rates funding rates moderated, with the OPR falling by 125bps to 31.25%, and O/N rate declining by 108bps to 31.67%

Treasury Bills

The Treasury Bills secondary market maintained a subdued tone, as investors’ attention turned to the NTB auction. Limited activity pushed the average NTB rate to 17.63% by close.

FGN Bonds

The FGN bond market traded on a mixed note with investors’ attention tilt towards the NTB auction. However, bearish interest was seen in mid and long-tenor

Eurobonds

Sustained positive sentiment on the Africa Eurobonds as investors reacts to the possible trade deal between U.S. and E.U. Nigeria Eurobond average yields dropped to 8.26%.

Nigerian Equities

Equities sustain rally amidst investors sentiment across major sectors; ASI rose 8bps. Industrial Goods Index recorded its first decline in two weeks while other four major index sustained the market rally. Trade volume and value receded by 11.7% and 36.5%, respectively with major block trades in ELLAHLAKES, ROYALEX, UNIVINSURE and JAPAULGOLD.

Foreign Exchange

Naira in the interbank Nigerian Foreign Exchange Market (NFEM) dipped by 38 kobo to remained relatively liquid and stable amid a modest uptick in FX demand. Nigeria’s gross reserves rose to $38.37 billion (as of July 22), gaining $121.12 million d/d.

Commodities

For the fourth consecutive sessions on Wednesday, global oil prices fell as investors assessed the U.S. tariff deal with Japan ahead of talks between EU and U.S. Brent closed at $68.44, Gold dipped 1.22% to $3,387.86/oz, buoyed by trade talk between U.S. and Japan and the EU.