FMDA’s Weekly Market Report July 6, 2026

FMDA Weekly Report

Weekly Market Insights: Global Trends and Local Implications

  • Average system liquidity improved marginally by 1.13% to N4.57 trillion from N4.52 trillion, largely driven by the repayment of about N2.31 trillion in maturing OMO bills during the week.
  • However, the improvement was partly offset by the CBN’s liquidity sterilisation efforts, with an estimated N2.35 trillion mopped up through OMO auctions.
  • Looking ahead, an estimated N2.39 trillion is expected to flow into the financial system this week.
  • OMO maturities account for about 93% of the projected inflows, suggesting a potential improvement in market liquidity, although the ultimate impact will depend on the CBN’s liquidity sterilisation activities.
  • The naira appreciated marginally by 0.07% in the NFEM market during the week, as NFEM market turnover improved to over $3.5 billion.
  • Average Brent crude oil prices declined by 3.71% to $72.28/bbl as easing geopolitical tensions and expectations of improved global oil supply continued to weigh on prices.
  • External reserves extended their upward trend, rising by 0.45% during the week, supported by sustained foreign exchange inflows.
  • Global bond yields generally moved higher, led by the U.S. Treasury market, as investors continued to price in a higher-for-longer interest rate environment amid resilient economic data and lingering inflation concerns.
  • The CBN is scheduled to conduct a N700 billion Treasury bill auction this week against N174.54 billion of maturing NTBs, implying a sizeable net issuance that could keep short-term liquidity conditions relatively tight and support elevated money market rates.

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