Money Markets

System liquidity declined further with an opening balance of c.-₦404.58 billion, compared to yesterday’s opening balance of c.-₦280.23billion. However, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) decreased to 18.25% and 18.88% respectively compared to 18.50% and 19.00% recorded yesterday.

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

Treasury Bills

The treasury bills market was quietly bearish today, as sell interests were mostly seen on long-dated papers. Nevertheless, average yield slipped by 2bps to 5.45%.

Outlook: We expect the market sentiment to be skewed towards the NTB auction next week, as the DMO will be offering c. ₦145.47 billion treasury bills.

FGN Bonds

The local bonds market traded mixed to bearish, with few sellers of 2037 paper while traditional buyside players cherry-picked the relatively attractive offers on 2049s. Overall, the average mid-yield adjusted upwards by 2bps to close at 13.47%.

Outlook: We expect activity to stir up next week, as market anticipates some positive catalyst from FAAC inflows.


The Eurobonds market posted a bearish posture, as sell interests hovered across board alluded to general risk-off sentiment. Consequently, average yield declined by 36bps to 13.26%.

Outlook: We expect the bearish sentiment to persist next week, albeit at a less aggressive pace.


The Nigerian bourse settled on the negative side today, as the Nigerian Stock Exchange All Share Index (NGX ASI) depreciated in value by c.-0.05% day-on-day to close at 54,892.53 while year-to-date return closed at c.7.11%. Selling interest in GTCO (-0.25%), and NB (-0.55%) led to the market to close on a bearish note today. The NGX Consumer Goods, Industrial Goods and Banking indices, all depreciated in value by c. -0.21%, c. -0.66% and c. -0.25%,  respectively. While the NGX Oil & Gas index closed flat. FIDELITYBK led the volume charts at c. 21.48 billion units, and MTNN led the value charts at c. ₦ 980.10 billion. It is worthy to note that the Directors of MTN Nigeria have proposed for shareholders’ approval a “Scrip Dividend Election Scheme” at the next Annual General Meeting scheduled to hold on 18th April 2023.

Outlook: We expect improved performance next week

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦ 461.33/US$1.00 from ₦ 461.67/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.


The U.S. Energy Secretary Jennifer Granholm stated that it may take several years to restock the country’s Strategic Petroleum Reserve, or SPR, which caused oil prices to decline on Friday, extending losses from the previous day. Brent oil prices fell by c. -3.24% to $73.45 per barrel in intraday trade, while WTI depreciated by c.-3.66% day-on-day to settle at US$67.40pb as at print time. Spot Gold appreciated in value by c.0.08% day-on-day to close at US$1,997.50per ounce as of report time.

Outlook: We expect further decline in global oil prices tomorrow.

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