Money Markets

Opening system liquidity fell slightly to a balance of c.₦574.03 billion, compared to yesterday’s opening balance of c.₦588.39 billion. However, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) remained the same at 10.63% and 11.01%, respectively.

Outlook: We expect the interbank rates to hover around similar levels.

Treasury Bills

The treasury bills market posted a bearish sentiment at the early hours of trading. However, activity turned mixed to bullish at the end of the closing bell. Most mixed interests were seen at the mid-to-long end of the curve. Consequently, average yield fell by 34bps to 5.38%.

Outlook: We expect the bullish sentiment to ease tomorrow. 

FGN Bonds

The local bonds market was largely tepid today, with interesting level of suspense ahead of the MPC meeting and the FGN bonds auction next week. Average yield remained flat at 13.70%. 

Outlook: We anticipate a sustained quiet activity tomorrow.


The Eurobonds market started off on a promising note at the first half of today’s session. However, the market switched to a bearish bias, as the market held on its skeptics on what the U.S Fed’s rate decision coupled with the recent signs of cracks in the global financial sector.  Overall, the average yield increased by 15bps to 13.09%.

Speaking of interest rate decisions, the ECB raised its key interest rate by 50 bps as expected today to 3.50%, to help temper the region’s stubbornly high inflation. The policymakers also stated that the euro area’s banking sector was resilient, with strong capital and liquidity positions, and that they were monitoring current market tensions closely.

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) declined by c. 1.04% to close at 54,915.61 points while year-to-date return closed at c.7.15%.  Selling interest in MTNN (-4.95%), and ACCESSCORP (-4.44) intensified the today’s downtrend. The NGX Industrial Goods, Banking, and Consumer Index, all depreciated in value by c. -0.36%, c. 1.00%, and c. 0.17%,  respectively, while the NGX Oil and Gas Index closed flat. TRANSCORP led the volume charts at c. 26.08 million units, while ZENITHBANK led the values chart at c. ₦ 353.89 million.

Outlook: We expect the selloffs to extend into tomorrow’s trading session.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦ 461.09/US$1.00 from ₦ 461.42/US$1.00 recorded at the close of yesterday.

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


Oil prices extended losses today, trading near 15-month lows, following the 50bps interest rate hike by the European Central Bank (ECB) to 3.5%. In addition, the fears of a global banking crisis weighed on the demand outlook. Brent Crude Oil price decreased by c.1.86% day-on-day to settle at US$72.32pb, while WTI decreased by c.-2.00% day-on-day to settle at US$62.26pb as at print time. Spot Gold appreciated in value by c.0.20% day-on-day to close at US$1,935.30per ounce as of report time.

Outlook: We expect the fall in Oil price to persist.

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