Money Markets

Opening System liquidity improved relatively today, with a balance of c.-₦55.66 billion, compared to yesterday’s opening balance of c.-₦160.70 billion. However, the Overnight Policy Rate (OPR) remained unchanged at 18.63%, while the Overnight Rate (O/N) increased by 12bps to 19.00%, compared to yesterday’s interbank rates.

Outlook: We expect the interbank rates to remain elevated tomorrow, in the absence of any major liquidity inflows.

Treasury Bills

The treasury bills market was muted, as focus tilted towards the NTB auction today. Nevertheless, slight buyside interests briefly showed up for the 8 June paper, while selling interests persisted across other papers ahead of the auction result. Average yield expanded by 16bps to 8.35%.

Outlook: We expect market activity to be dependent on the outcome of today’s NTB auction.

FGN Bonds

The local bonds market displayed a bearish bias across many papers like the 2028, 2037, 2049 and 2050, while buyside interests remained scarce. Average yield hovered closely at 13.96%, as refreshed rates were insignificant to yield curve.

Outlook: We expect the bearish bias to resurface tomorrow.


Ahead of the outcome of market-moving data today, the Eurobonds market sold off. Following the release of the U.S CPI report, which estimated U.S C.P.I rate at 5.00%, depicting a 0.20% below the 5.2% estimates, the market geared up for a rebound, with hopes for an early halt in policy tightening. Nonetheless, average yield expanded by 7bps to 12.50%.  For Ghana, the bearish sentiment, which was partially apparent in the early hours trading, intensified further, following the announcement of meetings with stakeholders, by the Ministry of Ghana.

Outlook: We expect the market to react to a possible switch in forward guidance or tone of the U.S Federal Reserve from the minutes of the last F.O.M.C meeting.


The Nigerian equity market closed flat today, as the Nigerian Stock Exchange All Share Index (NGX ASI) floated around similar point, while year-to-date return closed at c 1.37%. Buying interest in DANGSUGAR (1.47%),was offset by the Selling interest in UBA (-1.17%) amongst other tickers. The NGX Consumer Goods, and Industrial Goods gained in value by 0.19%, and 0.01% and 0.34%, respectively. On the flip side, the Banking Index depreciated by 0.09%, while the Oil and Gas Index remained unchanged. TRANSCORP led the volume charts with c.117.53 million units while ZENITHBANK led the value charts with c. ₦ 290.04 million.

Outlook: We expect the market to see a rebound tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦463.67/US$1.00 from ₦462.67/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.


Oil prices rose today, following the moderate increase in the U.S inflation rate in March. Afterwards, Brent oil prices appreciated by c. 1.47% to $86.87 per barrel in intraday trade, while WTI increased by c 1.34% day-on-day to settle at US$82.64pb as at print time. Similarly, Spot Gold gained in value by c. 0.12% day-on-day to close at US$2,021.40 per ounce as of report time.

Outlook: We expect the positive sentiment to extend further.   

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