System Liquidity

Liquidity started strong but tightened midweek due to a ₦600bn OMO auction and corporate tax remittances. CBN’s CRR debits later drained liquidity, spiking rates to 29%. Week-on-week, OPR rose 33bps to 26.83%; system liquidity dropped ₦811.56bn.

Treasury Bills

Activity was muted early due to an OMO auction. Bullish sentiment later emerged, focused on short- to mid-term NTBs, particularly September to June maturities. Average benchmark NTB yield declined slightly by 1bp w/w to 18.33%.

FGN Bonds

Bullish trading dominated, with demand centered on mid- to long-term papers like May 2033s and Feb 2034s. Strong flows compressed yields, especially on May 2033s. Overall, average bond yield dropped 87bps w/w to close at 17.04%.

Eurobonds

African Eurobonds rallied on easing geopolitical risks, Fed dovishness, and improving trade sentiment. Nigerian bonds benefited from risk-on flows and closed near multi-month yield lows at 8.61%, despite late profit-taking and mixed global macro signals.

Nigerian Equities

The ASI gained 83bps w/w to 120,989.66 points. Investor sentiment improved on GTCO’s capital raise, consumer stock rallies, and offshore participation. INTBREW, CWG, and NB hit new highs, offsetting weakness in DANGCEM and STANBIC. MTNN signed a roaming pact with 9mobile.

Foreign Exchange

The Naira appreciated 69.3bps w/w to ₦1,528.56/$, supported by strong FPI and oil-related inflows. No CBN intervention occurred, yet liquidity remained solid. FX reserves fell $138.30 million to $37.18 billion.

Commodities

Oil slipped ahead of an expected OPEC+ output hike; Brent settled at $68.30. Gold rose 0.3% to $3,336.39/oz on safe-haven demand and a weaker dollar, aided by looming trade uncertainties and soft U.S. economic signals.