System Liquidity

Liquidity stayed ample, rising from ₦1.39trn to ₦2.22trn on OMO maturities, inflows, and derivatives. Despite CBN’s ₦600bn OMO mop-up and CRR debits, interbank rates stayed low. OPR closed steady at 26.50%, O/N marginally higher at 27.00%.

Treasury Bills

The T-bills market remained muted ahead of auctions. CBN’s ₦600bn OMO drew ₦1.179trn subscriptions, allotting ₦620.65bn at 26.44%. NTB auction attracted ₦1.012trn bids; ₦585.25bn allotted with mixed stop rates. Yields fell 50bps w/w to 17.16%.

FGN Bonds

Trading was light but mildly bullish, with demand in 2031s and 2033s compressing yields by 25–40bps. Overall, activity stayed thin, though cautious buying across the curve pushed average mid-yields down 4bps w/w to 17.00%.

Eurobonds

African Eurobonds started quietly, weakened midweek on U.S. tariff disputes and weak manufacturing, but rebounded on poor U.S. labor data and rate-cut expectations. Strong late-week demand pulled Nigerian Eurobond yields down 11bps w/w to 7.87%.

Nigerian Equities

The ASI fell 94bps w/w to 138,980.01, weighed by WAPCO, UBA, OANDO, and ZENITHBANK. Brief recoveries in tier-1 banks and TRANSCORP offered support. Offshore trades, corporate actions, suspensions, and major off-market SEPLAT crosses dominated market activity.

Foreign Exchange

The naira rallied strongly, moving from ₦1,527–1533/$ to ₦1,508–1529/$ on offshore flows, $15m CBN intervention, and portfolio inflows. It closed at ₦1,514.87/$, while reserves gained $232.10m to $41.49bn w/w.

Commodities

Oil prices slumped on weak U.S. jobs data and OPEC+ supply concerns, with Brent at $65.11. Gold surged near $3,600/oz, its strongest weekly rally in four months, as Fed rate-cut bets strengthened.