Money Markets

In the absence of official figures, opening system liquidity was estimated at c.N40bn short. Thus, the Overnight Policy Rate (OPR) printed higher at 15.00% from 14.83% the previous day, while the Overnight Rate (ON) held steady at 15.00%.

Treasury Bills

The NTB secondary market traded on a muted note, albeit with a bearish tilt, as sell interest was recorded on August bills at c.11.00% levels amid tight system liquidity. Consequently, the average rate rose by c.7bps day-on-day, to close at 7.03%.


The FGN bonds market traded sideways, with higher offers witnessed on 2025s, 2032s, and 2042s at 11.30%, 12.95%, and 13.70% respectively, while mild demand was observed on 2045s, 2049s, and 2050s. Overall, the average yield inched up by c.4bps, day-on-day to settle at 12.20%.


The SSA and other African markets traded on a soft note, with sell-offs recorded across the curve as participants look forward to the US Federal Reserve’s decision tomorrow at the FOMC meeting (Expected to hike by 75bps). Overall, the average yield across the Nigerian sovereign curve settled at 12.92%.


The domestic bourse sustained bearish sentiments, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 1.86% day-on-day to close at 50,442.37pts, while year-to-date returns trimmed to +18.09%. This can be attributed to continued profit-taking on stocks like International Breweries Plc (-9.91%), MTN Nigeria Communications Plc (-9.62%), and Nigerian Breweries Plc (-4.52%), and Zenith Bank Plc (-3.23%), respectively.

The NGX Banking, Consumer Goods, and Oil & Gas indices lost ca 1.85%, 1.27%, and 0.49%, day-on-day, respectively. The NGX Industrial Index closed flat.

Flourmills Nigeria Plc led both the volume and value charts with ca 19.32 million units, traded at 618.05 million worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦431.00/US$1.00 from ₦427.17/US$1.00, recorded the previous day.


Global oil prices extended gains on the back of increasing concerns about the European supply after Russia, a major oil and natural gas supplier to the region, cut gas supply through a major pipeline. Brent Crude Oil price gained ca 0.28% day-on-day to settle at US$105.43pb, while WTI dipped ca 0.28% day-on-day to settle at US$96.43b as at report time. Spot Gold lost ca 0.23% day-on-day to close at US$1,718.50per ounce as of report time.

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