Money Markets

System liquidity opened negative today, with a balance of c.-₦-61.08billion, compared to yesterday’s opening positive balance of c.₦43.26 billion. Consequently, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) increased to 18.63% and 18.75%, respectively, compared to 17.38% and 17.88%, recorded yesterday.

Outlook: We expect the interbank rates to remain at similar levels barring any significant inflow.

Treasury Bills

The treasury bills market endured a muted session; however, few interests were recorded across 17 April 2023, 29 May 2023 and 7 Mar 2024 papers. Thus, the average mid-rate dipped by 16bps to settle at 7.14%.

Outlook: We expect a similar performance tomorrow.

FGN Bonds

Activity in the local bonds market was tepid as well, though mild demand was observed on 2049 paper, while sell interest were seen across 2028 and FGN Sukuk 2032 papers. Overall, the average yield remained unchanged at 13.95%, given the quiet posture for the most part of today’s session.

Outlook: We expect a mixed bias in tomorrow’s session.   


The bullish bias in the Eurobonds market was sustained today, as excitements lingered alongside expected uptick in crude oil prices. Although, sell interests clouded the positive trend towards the end of the session. To buttress, average yield increased by 9bps to 11.79%.

Outlook: We expect the bullish bias to extend into tomorrow’s session, although, on a less aggressive note.


The Nigerian equity market closed on a bearish note, as the Nigerian Stock Exchange All Share Index (NGX ASI) declined in value by c.-0.19% day-on-day, to close at 54,089.73, while year-to-date return closed at c.5.54%. Selling interest in GTCO (-0.6%), and ZENITHBANK (-0.7%), drove the negative performance today. The NGX Banking and Industrial Indices both depreciated in value by c. -1.34% and c. -0.04%, respectively. However, the NGX Consumer Goods and the Oil &Gas Indices both appreciated in value by c. 0.12% and c. 0.25% respectively. FIDELITYBK led the volume charts with c.46.59 million units while ZENITHBANK led value charts with c. ₦ 373.78 million, respectively.

Outlook: We expect the bearish bias to linger tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦463.30/US$1.00 from ₦463.50/US$1.00 recorded yesterday.

Outlook: We expect the Naira to remain steady at $/₦463 levels at the NAFEX window.


After the market-shaking announcement by OPEC+ of plans to reduce additional production, oil prices increased on Tuesday as investors focused on demand trends and the potential effects of higher prices on the world economy. Brent oil prices rose by c. 0.89% to $85.69 per barrel in intraday trade, while WTI appreciated by c.0.99% day-on-day to settle at US$81.22pb as at print time. In contrast, Spot Gold depreciated in value by c. -0.08% day-on-day to close at US$1,998.70per ounce as of report time.

Outlook: We expect more hikes in oil prices.

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