Money Markets

System liquidity dipped further at c.-₦617.51 billion, compared to yesterday’s opening balance of c.-₦482.43 billion. As a result, Overnight Policy Rate (OPR) and Overnight Rate (O/N) increased to 18.50% and 19.00%, respectively, compared to 16.75% and 17.63%, recorded yesterday.

Outlook: We expect the interbank rates to improve slightly tomorrow on the back of retail FX refund.

Treasury Bills

The treasury bills market witnessed offers across the mid-long-dated papers, particularly May 2023 and March 2024, though most of the interest was skewed to the NTB primary market auction. Overall, the average yield closed flat at 6.29%.

Outlook: We expect the sell interests to linger tomorrow on the back of significantly higher stop rates and tight system liquidity. 

FGN Bonds

The local bonds market sustained yesterday’s bearish theme, with sell interests hovering around the 2026, 2037 and 2049 papers. Overall, activity was quiet due to the absence of real buyside interests. Thus, the average mid-yield increased further by 32bps to close at 13.99%. 

Outlook: We expect to see similar trend tomorrow. 


The Eurobonds market kept at its upward trajectory in today’s session, as buyside interests was observed across the curve.  Average yield declined by 39bps to 12.67%. 

Outlook: We expect the general market sentiment to remain positive, in the absence of any opposing significant driver.


The Nigerian bourse closed on a bullish note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) advanced in value by c.0.90% day-on-day, to close at 53,603.80 while year-to-date return closed at c.4.59%. Buying interest in DANGCEM (5.07%), ACCESSCORP (2.87%), and ZENITHBANK (2.80%), impacted the positive performance today. The NGX Consumer Goods, Banking, and Industrial Indices appreciated in value by c. 0.12%, c. 1.97%, and c. 2.69%, respectively. Although, the Oil & Gas Index remained unaltered. TRANSCORP led the volume charts at c. 91.31 million units, and ZENITHBANK led the value charts at c. ₦ 696.21 million.

Outlook: We expect the market to rebound slightly on the back of positive sentiment from the recent earning results from the banking sector.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦461.24/US$1.00 from ₦461.75/US$1.00 recorded yesterday.

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


Crude Oil prices increased further today as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply. Accordingly, Brent oil prices rose by c. 0.43% to $78.99 per barrel in intraday trade, while WTI appreciated by c.0.64% day-on-day to settle at US$73.67pb as at print time. In contrast, Spot Gold depreciated in value by c.-0.22% day-on-day to close at US$1,986.10per ounce as of report time.

Outlook: We expect the upward trend in crude oil prices to persist tomorrow.

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