Money Markets

Opening system liquidity declined to a balance of c.₦233.84 billion, compared to yesterday’s opening balance of c.₦390.30 billion, due to the NTB primary market auction settlement that took place today. Nonetheless, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) depressed to 10.50% and 10.86%, respectively compared to yesterday’s rate of 10.63% and 11.00% respectively.

Outlook: We expect interbank rates to remain at low double digits amid weak funding pressures.

Treasury Bills

Despite yesterday’s increase in stop rate for the 1-year paper at the NTB primary market auction, opening bids in the secondary market were seen at 6.20% while offers hovered between 5.50% and 5.90%, however by midday, offers sprung out to match the bids at 6.20%. Thus, the average mid-rate trended higher by 29bps to settle at 3.55%.

Outlook: We expect the market to trade sideways tomorrow, as players look to take profit at satisfying levels.

FGN Bonds

Activity in the local bonds market was somewhat quiet today, with a handful of offers seen around the belly of the curve. Overall, the average mid-yield shed c.4bps to close at 13.39%. 

Outlook: We expect a mixed theme at tomorrow’s session.


The SSA Eurobonds market extended its selloff today, following the stronger-than-expected job report according to ADP, as it tips the market on likely hotter labour market, even as the market anticipates tomorrow’s job report by the U.S Bureau of Labour Statistics. In Ghana, we saw slight buy interests, poised by optimism in the request for the $3 billion loan from IMF by end of March. Overall, the average yield increased by 9bps to 12.22%.

Outlook: We expect the market to be swayed by the U.S Non-farm payroll tomorrow. 


The Nigerian bourse closed on a positive note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) increased by c. 0.04% to close at 55,822.14 points while year-to-date return closed at c.8.92%.  Buying interest in DANGCEM (+1.05%) and GTCO (+0.57) drove the bullish theme that was recorded today. The NGX Industrial Goods and Consumer Goods index appreciated in value by c. 0.53% and c. 0.04%, respectively. On the flip side, the Banking, and Oil & Gas Index depreciated in value by c. -0.01%, and c. -2.01%, respectively. TRANSCORP led the volume charts with c. 179.84 million units, while GTCO led the value charts with c. ₦ 1,089 billion worth of trades.

Outlook: We expect the bullish bias to ease slightly tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦ 461.00/US$1.00 from ₦ 461.25/US$1.00 recorded at the close of yesterday.

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


Oil stabilized today due to strike-disrupted fuel supply in France, and a drop in U.S. crude inventories. Also, the fears over the economic impact of rising interest rates at a faster pace also filtered into the oil market. Brent Crude Oil price increased by c.1.39% day-on-day to settle at US$83.73pb, while WTI decreased by c.1.44% day-on-day to settle at US$77.76pb as at the time of this report. Spot Gold appreciated in value by c.0.89% day-on-day to close at US$1,834.80per ounce as of report time.

Outlook: We expect more swings in oil prices in the interim.

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