Money Markets

Interbank system liquidity improved today with an opening balance of ca ₦163.58 billion, compared to ca ₦94.13 billion recorded the previous day. Consequently, the Overnight Policy Rate (OPR) and Overnight (ON) rates declined to 10.25% and 10.88% respectively from 14.75% and 15.75%, recorded yesterday.  

Treasury Bills

The treasury bills market observed sustained demand on 29-May-2023 CBN Special bill and the 23-Nov-2023 NTB at 8.40% and 12.50% levels, respectively, but offers printed ca 30bps lower. Overall, the average mid-rate declined by c.18bps, day-on-day, to settle at 7.78%.


The FGN bonds market traded on a mixed to bullish note, with demand witnessed across 2026s, 2029s, 2032s and 2037s, while improved offers were seen across the 2027s and 2035s. Overall, the average mid-yield closed ca 6bps lower, day-on-day, to settle at 14.64%.


Sentiment in the Eurobond space was mixed, with a slightly bullish bias across the major African markets (Nigeria, Ghana, and Angola). Later today, players’ attention will shift to Fed chair Powell’s speech on inflation’s outlook. Overall, the average yield across the Nigerian sovereign curve settled at 11.36%.


The domestic bourse reversed its bearish trend as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.71% day-on-day to close at 47,660.04pts, while year-to-date returns improved to +11.57%. This can be attributed to the demand on bellwether stocks like Access Holdings Plc (+3.66%), MTNN (+3.80%), and TRANSCORP (+1.71%), as investors closed their books for the month.

The NGX Banking Index gained ca 1.79%, the NGX Consumer Goods indices lost ca 0.79%, day-on-day while the NGX Oil & Gas and Industrial Index remained unchanged at the close of the trading session.

FBNH led the volume chart with ca 12.53 million units, while ZENITH BANK topped the value charts with ca ₦174.55 million worth of trades

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦445.30/US$1.00 from ₦445.00/US$1.00, recorded the previous day.


Oil prices rose by over 2% on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery. But the likelihood that OPEC+ will leave output unchanged at its upcoming meeting limited the gains. Brent Crude Oil price gained ca 2.82% day-on-day to settle at US$85.37pb, while WTI rose ca 2.69% day-on-day to settle at US$80.30pb as at report time. Spot Gold also gained ca 0.14% day-on-day to close at US$1,766.00 per ounce as of report time.

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