FMDA’s Monthly Report-September 2026

FMDA’s Monthly report-September 2026: Highlights

• System liquidity improved marginally in September, rising by 1.14% to N4.703 trillion from N4.65 trillion in August. Liquidity conditions were, however, volatile during the month, peaking near N8.84 trillion on the back of FAAC inflows, before moderating due to CRR debits, OMO sterilisation (N17.51 trillion), and primary market issuances.
• Looking ahead, inflows are projected at N13.250 trillion in October, about 14.82% lower than the N15.556 trillion estimated in September, with OMO maturities expected to account for a significant share of total inflows, keeping system liquidity conditions sensitive to the CBN’s sterilisation stance.
• The naira appreciated by 1.39% in the NFEM window during September, supported by improved FX liquidity conditions, stronger oil receipts, and sustained market confidence.
• Average Brent crude oil prices rose by 14.43% to $99.95/bbl, as sustained geopolitical tensions in the Middle East continued to tighten supply expectations, providing a supportive backdrop for Nigeria’s external position.
• Stronger trading activities in the secondary market, particularly in OMO (N28.048trn) and FGN Bonds (N6.962trn), drove yields lower across the curve, with average yields declining to 17.74% (NTB), 18.49% (OMO), and 15.90% (FGN Bonds).

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