§ Amidst relatively unchanged system liquidity, Interbank call rate moderated marginally to 10.50% (prev.: 10.67%). Meanwhile, the naira spot and one year forward rate remained unchanged at N305.25 and N349.00 respectively.
§Trading remained mixed in the T-bills market as yields continued to trend varied directions, albeit tilted towards a slightly positive trading bias. Recording the most notable declines in yields were the 64DTM (-38bps), 127DTM (-35bps) and 71DTM (-25bps) bills, down to 13.80%, 16.94% and 13.65% respectively. Meanwhile, trading in the bond market turned bearish as yields advanced across most traded instruments. Notably, yields on the 12.50% FGN JAN 2026 and 15.00% FGN NOV 2028 bonds rose 6bps apiece to 16.72% and 16.50% respectively.
§ We expect demand in the T-bills market to remain quite modest amidst the relatively tepid system liquidity. For the bond market, we believe trading would remain relatively quiet ahead of the bond auction scheduled for Wednesday.
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