System Liquidity
System liquidity settled at ₦3.84 trillion after successive OMO auctions tightened conditions, while Standing Deposit Facility placements rose from ₦2.61 trillion to ₦3.65 trillion. The Overnight Rate eased 2bps to 22.12%, with NOFR and OPR flat at 22.00%, and a ₦1.35 trillion NTB maturity should improve liquidity tomorrow.
Treasury Bills
The NTB secondary market was mixed with a bullish tilt — the 04 Mar 2027 and 08 Jul 2027 papers compressed 26bps to 18.67% and 16bps to 19.88%, while the 03 Jun 2027 bill rose 5bps to 19.69%. Average yield fell 4bps to 18.11% from 18.15%, and the mild bullish bias is expected to hold.
FGN Bonds
Bullish momentum continued at a slower pace, with the dual FGN 2029 bonds down 6bps to 17.00% and the FGN 2036 leading the belly, compressing 18bps to 17.21%. Average yields declined 3bps to 16.79% from 16.83%, supported by demand for intermediate tenors.
Eurobonds
Sovereign Eurobonds traded mixed with a mild bullish bias, helped by softer U.S. Treasury yields and improved frontier-market risk appetite. The average yield slipped 2bps to 6.92% from 6.94%, with U.S. ISM Services PMI at 54.1 in July versus 54.0 in June and a 54.5 consensus.
Nigerian Equities
The ASI and market capitalisation each rose 0.04%, with the index adding 109.41 points to 244,912.24 and market cap up ₦70.62 billion to ₦158.09 trillion on bargain hunting in FIRSTHOLDCO, FCMB, NESTLE and MCNICHOLS. Activity softened sharply — volume down 47.25% to 824.06 million units and value down 11.34% to ₦25.47 billion.
Foreign Exchange
The naira weakened 10bps (₦1.30) to ₦1,363.85/US$ officially and 35bps (₦5.00) to ₦1,415.00/US$ in the parallel market as demand outpaced supply. External reserves rose US$5.31 million to US$51.95 billion as of 4 August 2026, underpinning expectations of broad stability.
Commodities
Gold jumped 4.16% to US$4,247.02/oz, its highest in nearly seven weeks and best single-day gain since February, on lower Treasury yields and Strait of Hormuz optimism. Oil was mixed, with Brent down 0.01% to US$79.35/bbl and WTI off 0.92% to US$75.07/bbl.
