Interbank rates soared in the money market on the back of an extended liquidity deficit pattern in the banking sector. The short-term benchmark interest rates settled at double digits high due to a liquidity shortfall in the money market last week.

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The equities market capitalisation of the Nigerian Exchange, NGX, grew by N10.6 trillion as insurance, banking, and consumer goods indices drove rallies that lasted for four out of five days. The local bourse extended its winning streak in the just-concluded week, achieving a historic milestone as the benchmark NGX All-Share Index (ASI).

Equities investors lost more than N72 billion as selloffs halted eight days of gaining streaks on the Nigerian Exchange on Friday. Trading session ended negative due to profit-taking activities on Aradel Holdings, halting an eight-day rally.

The average yield on Nigeria’s Eurobond rose as foreign portfolio investors (FPIs) liquidated positions amidst U.S. interest rate cuts. The risk-off reactions followed sustained monetary easing in the U.S. amidst expectations that a rate cut would cause a flight to safety in 2025.