System Liquidity

Liquidity improved on FAAC disbursements, coupon payments, and OMO maturities, partly offset by debits and auction outflows. Market liquidity doubled to ₦1.40tn, keeping OPR at 26.50% and O/N at 26.95%.

Treasury Bills

Trading was quiet, with activity centered on select OMO/NTB papers. The CBN OMO auction was oversubscribed, allotting ₦842.5bn at 26.49%. Demand persisted in near-term papers, though benchmark NTB mid-rates rose 69bps to 17.66%.

FGN Bonds

Bond activity was cautious, shaped by auctions and sentiment. DMO allotted ₦136.16bn at ~18% stop rates. Demand was patchy, with thin volumes and wide spreads. Average mid-yield eased 11bps to 17.04%.

Eurobonds

Eurobonds traded mixed, driven by oil prices and political risks. Concerns rose on Fed independence after Trump’s remarks, but midweek oil gains supported Nigerian and Angolan papers. Yields closed higher by 12bps at 7.98%.

Nigerian Equities

The ASI fell 50bps to 140,295.50, dragged by banking and consumer losses, especially ZENITHBANK, GTCO, and WAPCO. Offshore interest centered on GTCO and ACCESSCORP. Notable corporate actions included Coronation Infrastructure Fund listing and NIDF scrip dividend.

Foreign Exchange

Naira faced pressure early, reaching ₦1540/$, before CBN interventions of ~$70m stabilized trading in the ₦1525–₦1538/$ band. It firmed slightly to ₦1531.57/$ as reserves rose $161m to $41.26bn.

Commodities

Oil weakened on U.S. demand concerns and expected OPEC supply boost, with Brent closing at $68.12. Gold rallied nearly 1% to $3,443/oz, capping a 4.7% monthly gain on rate-cut expectations.