System Liquidity

System liquidity remained broadly stable but ended slightly lower at ₦1.80 trillion compared to the previous week, despite inflows from FGN bond coupons and OMO repayments, while funding rates inched up modestly, with the average rate rising 7bps to 24.81% and OPR and O/N rates also ticking higher.

Treasury Bills

The NTB secondary market traded mixed with a mild bullish bias, supported by strong liquidity, as early-week buying slightly lowered yields, but cautious sentiment and profit-taking later caused modest rate increases, resulting in a 3bps week-on-week rise in the average benchmark rate to 16.08%.

FGN Bonds

The FGN bond market traded mixed with a slight bullish bias, as softer inflation data boosted sentiment and midweek demand drove moderate yield declines, leading to a 2bps week-on-week drop in the average benchmark yield to 15.93%.

Eurobonds

The African Eurobond market traded mixed with a mild bullish bias, as shifting global sentiment—from early-week U.S.–China tensions to midweek dovish Fed signals—drove a rebound in risk appetite, leading to a 7bps drop in average mid-yield to 7.81%, while Nigerian Eurobonds closed slightly firmer with a 2bps w/w decline to 7.79%.

Nigerian Equities

The NGX All-Share Index gained 1.35% w/w to close at a record high of 148,977.64 points, marking its fifth straight weekly gain and a 44.74% YTD return, driven by easing inflation data and optimism for a potential MPC rate cut; key blue-chip stocks led the rally, while broad sector performance was positive despite slight weakness in the banking sector.

Foreign Exchange

The naira traded on a volatile note at the NFEM market, pressured by FPI demand and limited supply, reaching highs of ₦1,479/$ before closing the week down ₦20.18 w/w at ₦1,475.35/$, despite CBN interventions and improved liquidity later in the week; meanwhile, foreign reserves rose by $92.50m to $42.68bn.

Commodities

Oil prices dipped nearly 3% w/w amid IEA supply glut concerns and geopolitical developments, with Brent at $61.29 (-2.3%) and WTI at $57.54 (-1.61%), while gold, despite a Friday pullback on a stronger dollar and U.S.–China trade remarks, posted strong weekly gains—spot gold up 5.78% to $4,250.62/oz and futures up 5.12% to $4,213.30/oz.