System Liquidity

FAAC inflows and coupon payments improved the system liquidity significantly by ₦1.18 trillion. Funding rates dropped significantly, with the Overnight Policy Rate (OPR) falling by 475bps to 26.5%, and the Overnight (O/N) rate declining by 467bps to 27.00%.

Treasury Bills

The Treasury bills secondary market witnessed increased activity at the start of the session, driven by profit-taking on recent auction allotments—most notably on the newly issued bills.

FGN Bonds

Bullish momentum prevailed in the bond market today, as improved demand was recorded across the yield curve. Average yields across the benchmark bond curve declined by 6bps to 16.17%.

Eurobonds

Africa Eurobonds traded negatively today amidst President Trump’s visitation to the Fed. Nigeria Eurobond average yields rise to 9.17%.

Nigerian Equities

Bullish sentiment persisted at the Nigerian local bourse, as the NGX All-Share Index (NGX-ASI) advanced by 48 basis points (bps) to close at 133,199.99 points; All five major indexes recorded gains; Trade volume and value rose by 20.13% and 33.19%, respectively with major block trades in JAPAULGOLD, UBA, NB, and UNIVINSURE.

Foreign Exchange

Foreign exchange supply in the interbank NFEM received some boost amid CBN intervention and improved Foreign Portfolio Investors (FPIs) inflows. Nigeria’s gross reserves rose to $38.50 billion (as of July 23), gaining $132.75 million d/d.

Commodities

Global oil prices U.S. crude draws and anticipated cuts to Russian gasoline exports. Brent closed at $69.19, Gold dipped 0.5% to $3,369.50/oz, buoyed by dampened demand for safe-haven assets.