System Liquidity
Liquidity swung as OPR/O/N spiked above 32% early, eased with ₦1.25tn inflows, then tightened again on CBN’s ₦600bn OMO issuance. By week’s end, liquidity settled positive, pushing OPR/O/N lower to 28.90% and 29.15%.
Treasury Bills
T-bills traded mixed; NTB auction saw ₦396.42bn bids, ₦303.79bn allotted with higher stop rates. Later, ₦600bn OMO auction drew ₦1.015tn subscriptions, ₦897.19bn allotted at 25%+. Average benchmark yield ended marginally higher at 16.97%.
FGN Bonds
Bonds traded quietly with bearish tone; mid-curve papers faced selling pressure, lifting average mid-yield 9bps to 17.15%. August bond offer circular (₦200bn) kept investors cautious, limiting trading volumes.
Eurobonds
Eurobonds were volatile: bearish early on Fed rate-cut doubts, later buoyed by crude gains. Powell’s dovish hint spurred rally, with Nigerian Eurobond yields falling 10bps w/w to 7.86%.
Nigerian Equities
Equities lost 2.51% w/w to 141,004.14 points, dragged by selloffs in DANGCEM, BUACEMENT, MTNN. Off-market crosses and rights issues shaped flows; BUAFOODS, CHAMPION hit highs. Offshore interest remained in tier-1 banks and defensives.
Foreign Exchange
Naira traded volatile, touching ₦1529–1538.50/$ on demand-supply imbalances. CBN intervention (~$50m) and oiler inflows stabilized trades at ₦1534.50–1536.00/$ by week’s end. Reserves rose $242m to $41.07bn. Currency closed weaker at ₦1535.04/$.
Commodities
Oil gained weekly for first time in three weeks (Brent +2.9% to $67.73, WTI +1.4% to $63.66). Gold rose 1.1% to $3,373.89/oz as Powell revived rate-cut expectations.
