Money Markets

Opening System liquidity was negative today, with a balance of c.-₦127.67billion, compared to last week Thursday’s opening balance of c.-₦160.70 billion. Thus, the Overnight Policy Rate (OPR) expanded by 13bps to 18.63%, while the Overnight Rate (O/N) remained unaltered at 18.88%, compared to last week.

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

Treasury Bills

The treasury bills market traded sideways in today’s session. The short-dated papers witnessed sell interest, especially 25 May 2023, while on the long-end, mixed interests were observed at c.12.20% and 11.60% offers on 28 March 2024. As a result, average yield pushed up by 14bps to 8.19%.

Outlook: We expect market activity to be mostly tilted to the NTB auction tomorrow, as the DMO is set to issue ₦149.64 billion treasury bills.  

FGN Bonds

Activity in the local bonds market was mixed but settled on a bearish note, as yield increased by 2bps to 13.96%. To qualify, the bulk of today’s activity was centered around the 2037 and 2049 papers, with a more selling interests observed on the former.

Outlook: We expect a similar trend tomorrow.     


The Nigeria’s curve traded slightly bullish on most papers, with stronger bearish bias on fewer maturities. However, Ghana’s papers traded bearish with a strong selling interests noticed at the short-end of the curve. Angola on the other hand, traded bearish across board.  Average yield increased by 12bps to 12.43%. 

Outlook: We expect the market to be directed by the US C.P.I data next tomorrow.


The Nigerian equity market started the week on a bearish note, as the Nigerian Stock Exchange All Share Index (NGX ASI) declined in value by c.1.96% day-on-day, to close at 51,952.99, while year-to-date return closed at c 1.37%. Selling interest in AIRTELAFRI (-10.00%), WAPCO (-3.36%) and NB (-1.35%) led the park amongst the bears. The NGX Consumer Goods, Industrial Goods, and Banking Indexes all depreciated in value by 0.16%, 0.57% and 0.34%, respectively. Although, the Oil and Gas Index remained unchanged. TRANSCORP led both the volume charts with c.1,553.85 million units and value charts with c. ₦ 2,101.58 million.

Outlook: We expect the bearish bias to linger tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦462.88/US$1.00 from ₦463.25/US$1.00 recorded at the close of last week.

Outlook: We expect the Naira to remain steady at $/₦462 – 463 levels at the NAFEX window.


Volatility in crude oil prices was low today, as market gauged the likelihood of economic stimulus by China. Brent oil prices appreciated by c. 0.86% to $84.96 per barrel in intraday trade, while WTI increased by c 1.23% day-on-day to settle at US$80.70pb as at print time. Similarly, Spot Gold gained in value by c. -0.79% day-on-day to close at US$2,018.20 per ounce as of report time.

Outlook: We expect the positive sentiment to linger tomorrow.  

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