System Liquidity

The interbank market remained stable during the week, supported by strong system liquidity despite large OMO outflows, with funding rates largely unchanged as the OPR held at 24.50% and the O/N rate inched up to 24.97% w/w.

Treasury Bills

The NTB market traded bullish throughout the week, as strong system liquidity and persistent demand—despite multiple OMO auctions—drove average yields down by 34bps w/w to 15.93%.

FGN Bonds

The FGN bonds market traded mixed to bullish through the week, with firm demand across the curve—especially in long-dated papers—driving a 35bps w/w decline in average benchmark yields to 15.82%.

Eurobonds

African Eurobonds traded mixed to bearish during the week, as shifting global risk sentiment and profit-taking—despite a brief midweek rally on dovish Fed signals—pushed average benchmark yields up by 27bps w/w to 7.97%.

Nigerian Equities

The Nigerian equities market sustained its positive momentum, with the ASI up 237bps w/w to 146,988.04 points, driven by gains in large-cap stocks despite weakness in the banking sector and lower market activity.

Foreign Exchange

The FX market traded mixed during the week, opening bearish on FPI-driven demand pressure but rebounding midweek on strong foreign inflows, with the naira appreciating 72bps w/w to ₦1,455.17/$ and reserves rising by $133.81m to $42.58bn.

Commodities

Oil prices declined over 2% w/w as Middle East ceasefire developments and renewed U.S.-China trade tensions weighed on demand outlook, while gold rallied above $4,000/oz on safe-haven flows before paring gains to close up 3.38% at $4,018.30.