System Liquidity
System liquidity fell to a ₦32.23 billion deficit as DMBs’ borrowings from the CBN’s SLF window rose ₦56.3 billion to ₦311.7 billion, pushing the OPR up 340bps to 32.10% and the O/N rate up 310bps to 32.50%.
Treasury Bills
The NTB market opened mixed with a mild sell bias as system liquidity turned negative. Short-end yields rose, while mid- and long-end movements were mixed, lifting the average benchmark yield 4bps to 17.94%.
FGN Bonds
The FGN bond market was quiet, with activity focused on the NTB segment. Mild mid-curve sell-offs, led by the FGN 2031 (+8bps to 17.21%), left the average benchmark yield unchanged at 16.30%.
Eurobonds
Despite a decline in global oil prices, African Eurobonds traded bullishly as investors positioned for a potential U.S. Federal Reserve rate cut. Nigerian Eurobonds rallied across the curve, with the average yield dropping 18bps to 7.75%.
Nigerian Equities
The Nigerian equity market paused its bullish run, closing lower as profit-taking in select medium- and large-cap stocks dragged the ASI down 13bps to 145,865.48. Losses in NB (-3.90%), NNFM (-3.01%), WAPCO (-2.14%), ZENITHBANK (-1.96%), UBA (-1.33%), GTCO (-1.31%), and ARADEL (-0.19%) outweighed gains in insurance counters. Market breadth was positive at 53 gainers to 20 losers, supported by small-cap strength. Sector performance was mixed: Insurance (+7.94%) and Oil & Gas (+0.12%) rose, while Consumer Goods (-0.91%), Banking (-0.53%), and Industrial Goods (-0.33%) fell.
Foreign Exchange
The Naira extended its previous session’s gains at the Nigerian Interbank NAFEM market, with the USD/NGN rate trading between ₦1,536.50 and ₦1,533.00 before closing at ₦1,535.49, up 9bps. As of August 8, 2025, Nigeria’s gross foreign reserves stood at $40.29 billion, an increase of $132.74 million from the previous session.
Commodities
Oil prices fell after a surprise rise in U.S. crude inventories, with Brent down $0.61 to $66.51/bbl and WTI down $0.68 to $62.49/bbl. Gold gained on a weaker dollar and lower Treasury yields, with spot up 0.18% to $3,353.95/oz and futures up $2.10 to $3,403.52.
