Money Markets

Opening system liquidity increased to a balance of c.₦341.69 billion, compared to yesterday’s opening balance of c.₦309.46 billion. Consequently, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) decreased to 10.50% and 10.81%, respectively compared to yesterday’s rate of 11.13% and 11.69% respectively.

Outlook: In light of the modest funding pressure, we anticipate the interbank rates will trade at low double digits.

Treasury Bills

The treasury bills market opened bullish, with buy interests seen across the mid-to-long end of the curve. Towards the end of the trading session, we noticed some sell interests, particularly on the November-December papers, although less aggressive. Average yield lost 2bps to settle at 2.74%. 

Outlook: We anticipate market players to tilt their focus towards the NTB primary market tomorrow, as the DMO would be offering c.₦224 billion across the usual tenors.

FGN Bonds

The local bonds market was bullish today, with sustained demand recorded across 2026, 2028, 2032, 2037 and 2049 maturities amid interest from some asset managers and pension houses. By close of market however, few sellers resurfaced to match the available bids, Overall, the average mid-yield shed c.8bps to close at 13.38%.

Outlook: We expect sustained cherry-picking of the relatively attractive offers across the long end of the curve.


The Nigeria’s Eurobonds market traded bearish today, as sell interests rattled across the SSA region. After the market opened weak earlier today, the sell interests exacerbated into the session as market players tilted attention to the testimony of Fed Chairman, Jeremy Powell at the Congress. The average yield edged up by 2bps to 11.79%.

Outlook: We expect to see more weakness in the Eurobonds space amid the hawkish US Fed narrative.


The Nigerian bourse closed on a flat note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) remained unchanged to close at 55,603.94 points while year-to-date return closed at c.8.49%. However, some major stocks such as UBA (-0.15%) GTCO (-0.1%), and ZENITHBANK (-0.35%), witnessed a decline which may have fueled a relatively flattish performance. The NGX Industrial Goods index appreciated in value by 0.33%, while the Consumer Goods, Oil & Gas and Banking sectors depreciated in value by c. 0.05%, c. 0.42% and c. 1.03%, respectively. TRANSCORP led the volume charts with c. 14.42 million units, while ZENITHBANK led the value charts with c. ₦ 344.88 million worth of trades.

Outlook: We expect an improved performance at tomorrow’s session.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦ 461.50/US$1.00 from ₦ 461.33/US$1.00 recorded at the close of yesterday.

Outlook: We anticipate the naira to hold steady at $/461 handle in the NAFEX market.


Following the rebound in demand from the world’s top crude importer China, industry leaders have since expressed concerns about the market’s limited spare capacity and the unpredictability of Russian supply, which has caused oil prices to edge up. Brent Crude Oil price increased by c.+0.12% day-on-day to settle at US$86.28pb, while WTI also increased by c.+0.07% day-on-day to settle at US$80.52pb as at the time of this report. Spot Gold depreciated in value by c.0.09% day-on-day to close at US$1,853.00per ounce as of report time.

Outlook: We anticipate more volatilities in Oil prices amid demand recovery in China and monetary policy stance across Europe.

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