Money Market

The Overnight Policy Rate (OPR) and Overnight Rate (O/N) trended higher to settle at 16.25% and 16.75% respectively, from 15.50% and 16.00% recorded on Friday. We expect the money market rates to remain at double-digits levels pending any significant inflows.

Treasury Bills

The NTB secondary market started the month on a relatively calm note, with few demand witnessed on 28 September 2023 NTB paper at 11.45%, while offers were seen on March 2023 papers at 7.30% levels. Overall, the average rate was relatively unchanged day-on-day, to settle at 8.77%.


The FGN bonds market observed a tepid session, albeit there was mild interest recorded on 2032s and 2037s at 14.50% and 15.30% respectively. Overall, the average yield closed ca 4bps higher, day-on-day to settle at 13.92%.


The SSA and other African Eurobond markets witnessed a reversal in the bearish theme that has plagued the market over the past couple of weeks, amid recovery in the stock markets (pushing near 3% gains) after weak U.S. Manufacturing data tempered views on the US Feds’ existing hawkish chatters. Overall, the average yield across the Nigerian sovereign curve settled at 12.97%.


The domestic bourse closed trading activities in the red, as the Nigerian Stock Exchange All Share Index (NSE ASI) lost 0.29% day-on-day to close at 48,879.74pts, while year-to-date returns receded to 14.43%. Trading performance was depressed as investors sold off positions in stocks such as International Breweries Plc (-9.09%), Access Holdings Plc (-5.59%), Zenith Bank Plc (-3.50%), and Guaranty Trust Holding Company Plc (-0.85%), respectively.

The NGX Banking, Consumer Goods, and Oil & Gas Indices shed ca 2.58%, 0.41% and 0.34%, day-on-day, respectively. The NGX Industrial Index closed flat.

Guaranty Trust Holding Company Plc led both the volume and value charts with ca 71.19 million units, traded at ca ₦1.26 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦437.25/US$1.00 from ₦437.03/US$1.00, recorded on Friday.


Global crude oil prices rose today, driven by market sentiments towards a substantial drop in crude output as OPEC and its allies meet this Wednesday to debate supply policy and production plans. Brent Crude Oil price rose ca 3.45% day-on-day to settle at US$91.93pb, while WTI gained ca 3.61% day-on-day to settle at US$86.65pb as at report time. Spot Gold gained ca 1.84% day-on-day to close at US$1,733.40 per ounce as of report time.

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