Money market liquidity opened the week on a softer note as funding pressure increased following prior settlement obligations. However, inflows from maturities helped ease pressure toward midweek, allowing system liquidity to recover gradually. Balances moved from ₦2.84 trillion on Monday to ₦4.76 trillion by Friday.

Funding rates remained elevated early in the week before moderating slightly as liquidity improved. The Open Repo Rate traded around 22.00%, while the Overnight rate moved between 22.18% and 22.35%.

The NTB secondary market traded on a quiet-to-mildly bullish note, supported by selective demand from investors seeking duration exposure. Demand was most visible at the long end of the curve, while shorter maturities remained relatively flat.

Investors remained cautious ahead of primary market guidance, but improved liquidity supported modest buying across benchmark maturities. Consequently, average benchmark yield declined by 8bps w/w to close at 17.35%.

The FGN bond market was mostly subdued, with limited trading volumes across benchmark papers. Demand was selective, as investors continued to balance duration appetite against inflation and policy-rate expectations.

Longer-dated securities saw modest interest, while mid-curve bonds traded with limited movement. The average benchmark yield declined marginally by 3bps w/w to close at 15.55%.

The foreign exchange market traded with mild volatility during the week, as demand remained steady while supply conditions improved marginally. The naira traded within the ₦1,374–₦1,389 range, with some pressure seen in early sessions before stabilising toward the end of the week.

Market participants continued to monitor reserve accretion, crude oil prices, and official intervention activity.