Money Markets

System liquidity opened lower at c.-₦482.43 billion, compared to yesterday’s opening balance of c.-₦458.62 billion, despite the inflows from FGN bond coupons, OMO maturity and FAAC. However, the Overnight Policy Rate (OPR) moderated to 16.75% from 17.13% yesterday, while Overnight Rate (O/N) increased to 18.00% compared 17.63% recorded yesterday.

Outlook: We expect the interbank rates to remain at its elevated levels tomorrow.  

Treasury Bills

Given the tight system liquidity, the treasury bills market traded on a quiet note today, with less aggressive offers and scarce buyers. Offers were seen across several papers, as average yield increased by 33bps to close at 6.29%. 

Outlook: We expect activity to be skewed towards the NTB auction tomorrow, as the DMO will be offering ₦145.47 billion treasury bills.

FGN Bonds

The local bonds market was bearish today, as sell interests hovered around the off-the-run bonds following yesterday’s release of Q2’2023 FGN bonds issuance calendar, while few buyside interests, particularly on the 2049 paper was recorded at 15.50%. Consequently, average yield climbed higher by 20bps to 13.67%. 

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


The Eurobonds market closed on a positive territory today. Although, slight sell interest was seen after the demand that sustained through the first half of trading. Average yield shed 19bps to settle at 13.06%. 

Outlook: We expect the bullish sentiment to persist in the interim, pending any bearish drivers. 


The Nigerian bourse closed bearish today, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost c.-0.48% day-on-day, to close at 53,498.27 while year-to-date return closed at c.4.38%. Selling interest in DANGCEM (-4.17%), and UCAP (-1.69%) drove the ASI lower today. The NGX Consumer Goods, and Banking Indices appreciated in value by c. 0.27% and c. 1.50%, respectively. On the flip side, the Industrial Goods Index depreciated in value by c. -2.18%, while the Oil & Gas Index remained flat. TRANSCORP led the volume charts at c. 61.49 million units, and GTCO led the value charts at c. ₦ 291.14 million.

Outlook: We expect the bearish momentum to persist tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦461.75/US$1.00 from ₦461.50/US$1.00 recorded yesterday.

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


Crude Oil prices posted gains today, as the market sustained its satisfaction on hopes that turmoil in banking is being contained. Accordingly, Brent oil prices rose by c. 0.73% to $78.69 per barrel in intraday trade, while WTI appreciated by c.0.77% day-on-day to settle at US$73.37pb as at print time. Although, Spot Gold also appreciated in value by c.0.79% day-on-day to close at US$1,969.20per ounce as of report time.

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

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