Money Markets

System liquidity opened lower at c.-₦458.62 billion, compared to last week Friday’s opening balance of c.-₦404.58billion. However, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) moderated to 17.13% and 17.63% respectively compared to 18.25% and 18.88% recorded on Friday.

Outlook: We expect the interbank rates to remain at its upper band levels, barring any robust inflows.  

Treasury Bills

The treasury bills market witnessed a muted theme, albeit with a bearish undertone, as sell interests revolved around the long end of the curve, particularly March 2024 papers. Accordingly, average yield pushed higher by 52bps to 5.97%. 

Outlook: We expect the market to trade cautiously, as market players anticipate the NTB auction later this week.

FGN Bonds

The local bonds market started off with less aggressive offers on some of the on-the-run bonds. Subsequently, market activity eased off its selling pressures to a quiet note, as average yield remained at the same 13.48% levels. 

Outlook: We expect a similar occurrence in tomorrow’s trading session.


A relatively bullish sentiment trickled in for the SSA Eurobonds papers and was later supported by the purchase of Silicon Valley Bank by First Republic Bank, as market fears on the banking sector diminished further. For context, average yield declined by 36bps to 13.26%.

Outlook: We expect the market to shift its sentiment towards the speech of Fed officials and other unfolding indicators.


The Nigerian bourse closed on a negative note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) depreciated in value by c.-2.07% day-on-day to close at 53,754.40 while year-to-date return closed at c.4.88%. Selling interest in AIRTELAFRI (-8.31%), and SEPLAT (-4.17%) significantly impacted the bearish closure today. The NGX Consumer Goods, Industrial Goods, Oil & Gas and Banking indices, all depreciated in value by c. -0.79%, c. -1.14%, c. -2.02%, and c. 0.23%, respectively. GTCO led the volume charts at c. 12.84 million units, and MTNN led the value charts at c. ₦ 1,926.63 million.

Outlook: We expect the bearish momentum to persist tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦461.50/US$1.00 from ₦461.33/US$1.00 recorded at the close of Friday.

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


Oil prices gained today, as investors assessed efforts by authorities over worries regarding the global banking system. Elsewhere, Russian President Vladimir Putin’s plans to place tactical nuclear weapons in Belarus, as this heightens tensions in Eastern Europe. In that regards, Brent oil prices rose by c. 1.68% to $76.25 per barrel in intraday trade, while WTI appreciated by c.2.05% day-on-day to settle at US$70.68pb as at print time. Spot Gold depreciated in value by c.-1.43% day-on-day to close at US$1,955.80per ounce as of report time.

Outlook: We expect the gains in global oil prices to extend into tomorrow’s session.

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