System Liquidity
System liquidity improved significantly, rising 26.5% to ₦5.33tn from ₦4.21tn, driven by strong placements at the CBN’s SDF window. Despite the liquidity surplus, the NOFR remained unchanged at 22.0%.
Treasury Bills
The NTB secondary market traded on a mildly bullish but subdued note as investors focused on the NTB PMA. Strong auction demand saw the DMO allot ₦1.46tn against an offer of ₦1.0tn. Average yield eased marginally by 1bp to 16.05%, driven by buying interest at the longer end.
FGN Bonds
The FGN bond market was largely flat, with yields unchanged across all maturities. Investors remained on the sidelines awaiting clarity from the NTB auction outcome, resulting in muted trading activity. Average benchmark yield closed steady at 16.02%.
Eurobonds
The Nigerian Eurobond market traded mildly bearish as profit-taking emerged following the recent rally. Concerns over Middle East tensions and stronger U.S. economic data weighed on sentiment, pushing average yields 2bps higher to 6.77%.
Nigerian Equities
The Nigerian equities market closed lower, with the ASI declining 144bps, pressured mainly by banking and industrial stocks. Market breadth remained weak at 15 gainers versus 43 losers, while trade value increased 44.37% to $30.99m, supported by notable block and cross trades.
Foreign Exchange
The Naira strengthened by 28bps at the NFEM, appreciating by ₦3.79 to close at ₦1,357.26/$. The gain was supported by improved market liquidity, sustained foreign portfolio inflows, and continued confidence in the CBN’s FX reforms.
Commodities
Oil prices advanced by about 2% amid renewed Middle East tensions and stalled U.S.-Iran talks, while gold prices declined as investors priced in the possibility of prolonged elevated interest rates.
