FMDA Weekly Market Report July 13, 2026
Weekly Market Insights: Global Trends and Local Implications
- System liquidity improved significantly by 50.81% to N4.33 trillion from N2.87 trillion in the previous week, as liquidity inflows exceeded the CBN’s sterilisation activities. During the week, the CBN withdrew approximately N1.06 trillion through Treasury Bill auctions, while repayments from maturing securities totalled about N2.50 trillion, resulting in a net liquidity injection of approximately N1.44 trillion.
- Looking ahead, an estimated N3.12 trillion is expected to flow into the financial system this week. OMO maturities account for about 95% of the projected inflows, suggesting further improvement in system liquidity. However, the eventual liquidity impact will depend on the CBN’s liquidity management operations.
- Notably, there are no scheduled Treasury bill or FGN bond auctions this week, according to the auction calendar. As such, the CBN may rely on OMO auctions to sterilise part of the expected liquidity injection and maintain stability in short-term interest rates.
- The naira depreciated marginally by 0.07% in the NFEM market during the week, while market turnover declined by nearly half to US$1.72 billion from US$3.39 billion, suggesting weaker market activity despite the broadly stable exchange rate.
- Despite earlier signs of de-escalation, fresh exchanges between Iran and U.S. heightened concerns over global energy supply, contributing to higher crude oil prices during week.
- Secondary market activity was mixed during the week. Treasury bill turnover increased by 50.32% to N1.09 trillion from N726.87 billion, while FGN bond trading volume declined by 36.91% to N853.26 billion from N1.35 trillion, suggesting investors remained more active in the Treasury bill market following the primary auction.
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