System Liquidity
System liquidity stayed in deficit at about ₦35.30bn, driving higher funding costs as the OPR and O/N rates rose to 32.30% and 32.60%, respectively, amid elevated DMB borrowings from the CBN’s SLF.
Treasury Bills
Amid tight system liquidity, the NTB secondary market saw cautious trading with mixed movements, as the 5 Feb 2026 yield fell 18bps to 18.39% and the 5 Mar 2026 rose 4bps to 19.00%, bringing the average benchmark yield down 1bp to 17.93%.
FGN Bonds
The FGN bond market was largely quiet but skewed toward selling, with yields rising across segments—FGN 2029 up 13bps to 16.99%, FGN 2031 up 5bps to 17.25%, FGN 2033 up 21bps to 17.11%, and FGN 2053 up 7bps to 16.07%—lifting the average benchmark yield by 4bps to 16.55%.
Eurobonds
Profit-taking dominated the African Eurobond market after unexpectedly hot U.S. Producers’ Price Index (PPI) data put heavy pressure on U.S. Treasuries, triggering broad selling in government bonds. Average yields on Nigerian Eurobonds climbed 5bps to 7.80%.
Nigerian Equities
The NGX-ASI fell 39bps to 145,300.01 points, dragged by sector-wide losses except Industrial Goods (+0.11%). Insurance (-8.28%) led declines after last week’s rally, while Oil & Gas (-0.75%), Banking (-0.48%), and Consumer Goods (-0.20%) also weakened. Market breadth was negative (22 gainers vs 50 losers), with notable trades in NB, STERLINGNG, ACCESSCORP, and ELLAHLAKES.
Foreign Exchange
The Naira traded positively at the Nigerian interbank NFEM, with the USD/NGN rate ranging between ₦1,533.50 and ₦1,535.50. It appreciated by 10bps to close at ₦1,534.00 per dollar. As of August 12, 2025, Nigeria’s gross foreign reserves stood at about $40.65 billion, up by approximately $69.40 million from the previous session.
Commodities
Oil prices climbed as geopolitical tensions and rate cut expectations boosted demand outlook, with Brent at $66.94 (+$1.31) and WTI at $63.99 (+$1.34). Gold retreated, with spot down 0.53% to $3,338.62 and futures off $26.82 to $3,385.10, as strong U.S. inflation and labor data strengthened the dollar and yields.
