FMDA Weekly Market Report July 20, 2026
Weekly Market Insights: Global Trends and Local Implications
- System liquidity improved by 7.08% to ₦4.63 trillion from ₦4.33 trillion in the previous week, despite the CBN’s continued liquidity sterilisation efforts. During the week, the CBN withdrew approximately ₦4.87 trillion through Treasury bill and OMO auctions, helping to moderate the impact of maturing securities on overall liquidity conditions.
- Looking ahead, an estimated N2.76 trillion is expected to flow into the financial system this week, with OMO maturities accounting for about 79% of the projected inflows. While there is no scheduled Treasury bill auction this week, the DMO is expected to conduct an FGN bond auction. The eventual direction of system liquidity will therefore depend on the size of the bond allotment, as well as the CBN’s liquidity management operations.
- External reserves climbed to a more than 17-year high, reaching US$51.92 billion, the highest level since January 2009, reflecting continued improvement in the country’s external position.
- Renewed geopolitical tensions in the Middle East continued to support crude oil prices, with average Brent crude rising by 12.97% during the week to $85.06 per barrel.
- Secondary market activity was mixed during the week. Treasury bill turnover increased by 53.25% to N1.67 trillion from N1.09 trillion, reflecting sustained investor interest following the auction. In contrast, FGN bond turnover declined by 6.88% to N794.58 billion from N853.26 billion, suggesting relatively subdued activity in the bond market.
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