Money Markets

Opening system liquidity was estimated to be c.-₦300 billion in the absence of official figures, compared to yesterday’s opening balance of c.-₦200.24 billion. Consequently, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) increased to 18.50% and 18.88%, respectively, compared to 18.38% and 18.75%, recorded yesterday.

Outlook: We expect the interbank rates to hover at its upper band levels next week, barring any major liquidity inflows.

Treasury Bills

The treasury bills market was mixed to bullish today, as activity was mostly concentrated on the long-dated paper, especially 28 March 2024, which traded between 11.20% – 11.50%. Average yields increased by 53bps to 8.09%. 

Outlook: We expect a similar trend next week.

FGN Bonds

The local bonds market was relatively quiet today, with few interests observed on the 2049 paper. Average yield fell by 2bps to 12.04%.  

Outlook: We expect the market activity to remain less active next week, pending any major catalyst.


The Eurobonds market eased off its bullish sentiment today, as mixed to bearish interests were recorded across most curves. For context, slight sell interests led average yield to rise by 7bps to 12.12%.

Outlook: We expect the market sentiment to swing sideways next week, following the outcome of numerous economic indicators.


The Nigerian equity market closed off the last trading session for the week on a bullish note, as the Nigerian Stock Exchange All Share Index (NGX ASI) advanced in value by c.0.82% day-on-day, to close at 54,857.96 while year-to-date return closed at c.7.04%. Buying interest in AIRTELAFRI (4.15%), FIDELITYBK (2.69%), and WAPCO (0.58%), drove the positive performance today. The NGX Banking, and Consumer Indices appreciated in value by c. 0.61%, and c. 0.15%, respectively. However, the NGX Industrial Goods Index depreciated by c. -3.59%, while the Oil & Gas Index remained unchanged. TRANSCORP led the volume charts at c. 287.68 million units, and NGXGROUP led the value charts at c. ₦ 685.65 million.

Outlook: We expect the bullish bias linger next week, as participants look to position for dividend qualification.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦461.38/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.


In the absence of any negative driver, Crude Oil prices increased today, even as the market anticipate the release of US inflation data next week. Brent oil prices rose by c. 0.45% to $79.63 per barrel in intraday trade, while WTI appreciated by c.0.89% day-on-day to settle at US$75.03pb as at print time. In contrast, Spot Gold appreciated in value by c. -0.06% day-on-day to close at US$1,996.60per ounce as of report time.

Outlook: We expect the positive trend to ease next week.

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