System Liquidity
System liquidity fell sharply from ₦6.17tn to ₦3.90tn despite coupon inflows, while funding rates stayed broadly stable with O/N at 24.86%.
Treasury Bills
The NTB market traded quietly with ample liquidity as investors awaits the ₦700bn auction, leaving average yield flat at 15.71%.
FGN Bonds
The FGN bond market opened mildly positive as lower-than-expected CPI (16.05%) pulled average benchmark yield down by 11bps to 15.46%.
Eurobonds
African Eurobonds extended last week’s bullishness ahead of key U.S. data and easing shutdown fears, pushing Nigeria’s average yield down by 1bp to 7.76%.
Nigerian Equities
The equities market declined as the ASI lost 126bps with broad sector weakness, led by steep drops in DANGCEM and ENAMELWA.
Foreign Exchange
The naira weakened by 39bps to ₦1,448.03/$ amid demand pressures, even as external reserves rose to $43.64bn.
Commodities
Oil prices eased as Russian exports resumed, while gold retreated on a stronger dollar and reduced expectations of a near-term U.S. rate cut