Money Markets

Opening system liquidity recorded a positive balance of c.₦717.60 billion, compared to last week Friday’s opening balance of c.₦662.61 billion. However, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) remained unchanged at 10.50% and 10.81% respectively.

Outlook: We expect the interbank rates to trade at low double digits amid weak funding pressure.

Treasury Bills

Activity in the treasury bills market was slightly mixed to bullish, with interest skewed to short and long dated papers. Specifically, May 2023 and Feb 2024 papers witnessed the most interests, with bids at 2.40% and 6.50% respectively, however offers were pretty much lower. Thus, the average yield declined by 48bps to close at 3.95%..

Outlook: We expect activity in the treasury bills market to remain slightly steered, on the back of improved system liquidity.

FGN Bonds

The local bonds market traded sideways today, however, closed on a bullish note. While sell interests were concentrated at the belly of the curve, particularly 2036 and 2037 papers, a mixed to bullish sentiment was seen at the long end of the curve, especially on the 2049 papers. Consequently, the average mid-yield declined by 3bps to settle at 13.67%.  

Outlook: We expect a similar trend in tomorrow’s trading session, even as market players focus on month-end bookkeeping.


The Eurobonds market recorded a bullish sentiment, despite the tensions from the partly released result from the presidential and senatorial general election as well as the unfolding economic data in the U.S. To quantify, buy interests were observed across board, as average yield shed 4bps to 11.45%.  

Outlook: We expect market activity to remain skewed to the bulls especially across the Nigerian curve.


The Nigerian domestic bourse closed on a positive note, as the Nigerian Stock Exchange All Share Index (NGX ASI) appreciated in value by c.0.69% day-on-day to close at 55,328.42 points while year-to-date return closed at c.7.96%.  Buying activities on pacesetters like ZENITHBANK(+0.2%) GTCO (+0.5%) and WAPCO (+0.4%) drove the bullish theme. The NGX Consumer Goods ,Banking, Industrial Goods and Oil &Gas Indices all appreciated in value by c. 2.39%, c. 0.48, c. 0.08 and c. 1.42% respectively. OANDO led the volume charts with c. 14.29 million units, while ZENITHBANK led the value charts with c. ₦ 205.55 million worth of trades, respectively.

Outlook: We expect more positive performance in the Nigerian domestic bourse.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦ 462.00/US$1.00 from ₦ 461.17/US$1.00 recorded at the close of last week Friday..

Outlook: We expect sustained FX pressures, CBN intervention and depreciation of the Naira.


Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia’s plans to deepen oil supply cuts. Brent Crude Oil price decreased by c.0.66% day-on-day to settle at US$82.61pb, while WTI also decreased by c.0.62% day-on-day to settle at US$75.85pb as at the time of this report. Spot Gold depreciated in value by c.0.09% day-on-day to close at US$1,815.40per ounce as of report time.

Outlook: We anticipate more volatilities in Oil prices amid stronger dollar performance and supposed deepening of Russia’s oil supply cuts.

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