FMDA’s Weekly Market Report January 19, 2026

Weekly Market Insights: Global Trends and Local Implications

• System liquidity dipped last week due to significantly lower inflows from maturing instruments.
• The system is expected to receive a strong liquidity buffer this week, with total inflows estimated at N3.26 trillion.
• OMO maturities account for roughly 40% of total inflows, while FGN bond maturities contribute about 32%, highlighting the dominance of public-sector instruments.
• Nearly 40% of FGN bond maturities this week are concentrated in the 12.50% FGN JAN 2026 issue maturing on 22nd of January.
• Market participants should closely monitor the reinvestment pattern, as the size and concentration of inflows could elevate FX demand and put short-term pressure on the naira.
• Oil prices moved higher during the week as escalating geopolitical tensions raised concerns that as much as 4.6 mbpd (4.5%) of global oil supply could be affected by disruptions.
• If the current trend persists, the naira may find some support, although risks remain.

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