FMDA’s Weekly Market Report February 09, 2026

Weekly Market Insights: Global Trends and Local Implications

• Average net system liquidity declined by over 50% week-on-week, reflecting significantly lower inflows compared with the prior week.
• Liquidity inflows are expected to remain subdued this week, with only about N1.01 trillion projected from maturities.
• OMO maturities account for roughly 98% of total inflows, suggesting limited immediate impact on the naira given likely reinvestment behaviour.
• Market indicators broadly improved, with softer interbank rates, a firmer naira, rising oil prices and positive equity performance, alongside easing yields in parts of the fixed-income market.
• Oil prices remain highly sensitive to developments around U.S.–Iran tensions, reacting quickly to signs of escalation or de-escalation.
• Nigeria’s potential inclusion in JPMorgan’s frontier local-currency debt index could attract rule-based FX inflows into Nigerian bonds, driven by index weightings rather than discretionary investor decisions.

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