System liquidity improved during the week, supported by OMO maturity inflows and moderate interbank activity. Funding conditions remained relatively stable, although short-term rates adjusted slightly as market participants positioned ahead of auction settlements. Liquidity opened the week around ₦3.92 trillion and rose steadily before closing at ₦5.48 trillion by Friday.

The Open Repo Rate remained anchored around 22.00%, while the Overnight rate traded within a tight band of 22.10% to 22.28%. Market activity was largely driven by liquidity positioning, maturities, and expectations around the next NTB auction.

The NTB secondary market traded on a mildly bullish note during the week as liquidity supported selective demand across the mid-to-long end of the curve. Buying interest was strongest around the one-year paper, while shorter maturities traded with limited movement.

Stop-rate expectations remained a key driver of investor positioning, with demand tilted toward instruments offering higher carry and better reinvestment value. Consequently, average benchmark yield declined marginally by 5bps w/w to close at 17.42%.

The FGN bond secondary market traded with mixed sentiment during the week. Early sessions saw cautious demand as investors assessed inflation expectations and auction supply. However, selective buying emerged on longer-dated instruments, particularly where yields offered attractive entry levels.

Activity remained moderate overall, with the short-to-mid segment seeing mild sell pressure while longer maturities were better supported. The average benchmark yield rose slightly by 6bps w/w to close at 15.61%.

The naira traded within a relatively stable range during the week, supported by improved market supply and steady demand conditions. Trading activity was concentrated around the ₦1,360–₦1,372 band, with modest appreciation pressure seen toward the end of the week.

External reserves remained supportive, while market participants continued to monitor oil prices and dollar liquidity conditions.