Money Markets

Opening system liquidity declined to c.₦197.27 billion, compared to yesterday’s opening balance of c.₦224.13billion. Consequently, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) increased to 18.38% and 18.75% respectively compared to 12.25% and 12.70% recorded yesterday.

Outlook: We expect the interbank rates to remain at elevated levels barring any significant inflows.

Treasury Bills

The treasury bills market was relatively active and mixed today, as market participants displayed interests across the mid to long dated papers, particularly May 2023  and March 2024 papers. After some executed trades at midday, average yield shed 14bps to settle at 5.51%.

Outlook: We expect activities to stir up further, even as market anticipate FAAC inflows.

FGN Bonds

Activity in the local bonds market was slightly mixed to quiet, with few cares seen in 2037 and 2049 papers. Thus, due to the low volumes traded, the average mid-yield slipped marginally by 1bp to 13.62% at the closing bell.

Outlook: We expect the current market performance to persist in the interim.


The Eurobonds market sustained its positive sentiment, with decent flows recorded across Nigeria and Egypt ahead of today’s FOMC meeting. Consequently, average yield declined by 13bps to 13.19%. 

For Ghana, Fitch upgraded their Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to ‘CCC’ from ‘RD’. However, affirmed the Long-Term Foreign-Currency (FC) IDR at ‘RD.

Outlook: We expect the market reaction to be hinged on the outcome of the U.S FOMC meeting.


The Nigerian bourse settled on the positive side today, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained in value by c.0.06% day-on-day to close at 54,936.00 while year-to-date return closed at c.7.19%.  Buying interest in GTCO (0.6%), and FBNH (0.05%) led to the market to close on a bullish note today. The NGX Consumer Goods and Banking indices, both depreciated in value by c. -0.02%, and c. -0.01%,  respectively. While both the NGX Industrial Goods and Oil & Gas indices closed flat. TRANSCORP led the volume charts at c. 28.12 billion units, and GTCO led the value charts at c. ₦ 336.90 billion.

Outlook: We expect the equities market to extend its bullish run tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦ 461.50/US$1.00 from ₦ 462.00/US$1.00 recorded at the close of yesterday.

Outlook: We expect the Naira to remain steady at $/₦461 – 462 levels at the NAFEX window.


After two consecutive days of gains, oil dipped in early Asian trade on Wednesday as an industry survey revealed that U.S. crude inventories unexpectedly increased last week, a hint that fuel demand may be waning. Brent oil prices fell by c. -0.58% to $74.88 per barrel in intraday trad, while WTI depreciated by c.0.57% day-on-day to settle at US$69.27pb as at print time. Spot Gold appreciated in value by c.0.05% day-on-day to close at US$1,942.00per ounce as of report time.

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

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