Money Market

Interbank system liquidity slipped further into the deficit zone, with an opening balance of ca – ₦238.06 billion, significantly lower than yesterday’s balance of ca -₦128.20 billion. Consequently, the Overnight Policy Rate (OPR) and the Overnight Rate (ON) held steady at 16.25% and 16.50%.

Treasury Bills

The NTB secondary market witnessed a mixed theme, with demand observed on 6 March 2023 CBN Special bills while selling interest was seen on September 2023 NTBs. Overall, the average rate closed ca 10bps higher, day-on-day to settle at 9.36%.


The FGN bonds market traded slightly bullish amid coupon inflows, with most of the interest skewed to 2029s, 2037s, 2042s, and 2050s. Overall, the average yield closed ca 11bps lower, day-on-day to settle at 14.25%.

In other news, Nigeria intends to convert the ca N20trillion loans taken from the CBN to fund budget deficits, to bonds over a 40-year period at an interest rate of 9%.


The SSA Eurobond reflected a bearish trend, with selling interest witnessed across the curve amid UK’s consumer inflation coming out higher than expected (10.10% vs Est. 10.00%) and Bank of America’s forecast of the Naira to be devalued by 20% in 2023. Overall, the average yield across the Nigerian sovereign curve settled at 13.83%.


The domestic bourse extended bearish sentiments, amid the continued aggressive selloff on Airtel Africa Plc (-10.00%). The Nigerian Stock Exchange All Share Index (NGX ASI) lost 2.31% day-on-day to close at 44,318.15pts, while year-to-date returns dipped to +3.75%.

The NGX Industrial and Banking Indices gained ca 0.94% and 0.50% while the NGX Oil & Gas and Consumer Goods Indices lost ca 0.80% and 0.03%, day-on-day, respectively.

First Bank of Nigeria Holdings Plc led the volume chart with ca 48.09 million units, while Airtel Africa Plc topped the value charts with ca ₦1.15 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦441.50/US$1.00 from ₦441.25/US$1.00, recorded the previous day.


Global crude oil prices slightly improved due to market sentiments over the dipping U.S. crude stockpiles despite reports of planned crude oil release from the Strategic Petroleum Reserve (SPR). Brent Crude Oil price gained ca 1.14% day-on-day to settle at US$91.06pb, while WTI rose ca 0.97% day-on-day to settle at US$83.63pb as at report time. Spot Gold lost ca 1.19% day-on-day to close at US$1,636.10 per ounce as of report time.

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