Money Markets

Opening system liquidity increased to a balance of c.₦262.90 billion, compared to yesterday’s opening balance of c.₦234.57 billion. However, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) settled higher at 10.63% and 11.01%, respectively, compared with 10.50% and 10.83%, respectively.

Outlook: We expect the interbank rates to hover at double-digit levels tomorrow.

Treasury Bills

The treasury bills market traded bearish in today’s session, as sell interests were seen at the short and long end of the curve. Consequently, average yield climbed by 74bps to 5.72%.

Outlook: We anticipate market players to tilt their focus towards the NTB primary market tomorrow, as the DMO would be offering c.₦161 billion across the usual.

FGN Bonds

The local bonds market traded mixed to bearish today, with most of the interest skewed towards the 2037 and 2049 papers, as market players take position ahead of Monday’s FGN bond auction. Thus, the average mid-yield increased by 20bps to settle at 13.71%.

Outlook: We expect a similar play at tomorrow’s session.


As the bearish sentiment spilled into today’s activity, the release of the US CPI data heightened the sell interest across board in the SSA region. For context, the US CPI printed at 6.00% for February 2023 (down from 6.40% in January 2023), which was at par with consensus estimate. Overall, the average yield expanded by 25bps to 12.65%.

Outlook: We expect the bearish trend to extend into tomorrow’s session.


The Nigerian bourse closed on a bearish note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) shed c. 0.12% to close at 55,722.90 points while year-to-date return closed at c.8.73%.  Selling interest in GTCO (-3.10%), GTCO (-3.08%) and UCAP (-2.04) drove the bearish theme that was recorded today. The NGX Industrial Goods, and Banking Index, depreciated in value by c. -0.10%, and c. -1.24%, respectively. On the other hand, The NGX Consumer Goods Index gained marginally by c. 0.01%, while the Oil and Gas Index closed flat. STERLNBANK led both the volume charts c. 31.09 million units, while AIRTELAFRI led the values chart at c. ₦ 677.99 billion, respectively.

Outlook: We expect selloffs to continue tomorrow on the premise of profit taking.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦ 461.42/US$1.00 from ₦ 461.67/US$1.00 recorded at the close of yesterday.

Outlook: We expect the Naira to continue to hover at $/461 handle at the NAFEX window.


Oil prices extended its selloffs today, as the dust around the SVB fallout remains the spotlight in the market. Brent Crude Oil price decreased by c.-0.95% day-on-day to settle at US$80.00pb, while WTI decreased by c.-1.20% day-on-day to settle at US$73.90pb as at print time. Spot Gold depreciated in value by c.-0.20% day-on-day to close at US$1,912.600per ounce as of report time.

Outlook: We expect the bearish sentiment to ease tomorrow.

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