Money Markets

System liquidity remained firmly in the negative territory, with estimated opening balance lower than c.-₦183.18 billion. However, the Overnight Policy Rate (OPR) decreased to 18.63% from18.67% that was recorded yesterday, while the Overnight Rate (O/N) remained unchanged at 19.00%.

Outlook: We expect the interbank rates to remain elevated at the start of next week, in the absence of any major liquidity inflows.

Treasury Bills

Market rallied today as buyers chased papers across the mid to long end region of the curve, despite the tight system liquidity. Major interest was on the 11 Apr 2024 bill, which traded between 11.15% and 11.50%. Thus, the average yield fell by 156bps to 6.99%.

Outlook: We expect market to repost a bullish trend on the back of the improved liquidity inflows from c.₦145bn FGN bond coupon.

FGN Bonds

Sideways interest dominated the market today, with activity skewed towards the 2028, 2049 and 2050 papers. Overall, the average mid-yield increased by 4bps to 14.01%.

Outlook: We expect activities to be tilted to the bond auction next week.


Market took a U-turn from yesterday’s bearish performance to close on a bullish note today, as traders continue to digest the U.S data. The cooling inflation raised expectations that the Federal Reserve will pause its aggressive rate-hiking cycle. Consequently, the average yield declined by 4bps to 12.59%. 

Outlook: We expect the market to be swerved by the unfolding economic data next week.


The Nigerian equity market closed on a negative note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) closed at 51,893.94, while year-to-date return closed at c 1.25%. Selling interest in ZENITHBANK (-0.05%) and in STANBIC (-1.1%) drove the negative trend that was recorded in the market today. The NGX Banking Index appreciated in value by 0.10%. On the flip side, the Consumer Goods Index depreciated by 0.03%, while the Industrial Goods and Oil and Gas Indices remained unchanged. CHAMS led the volume charts with c.293.14 million units while UBA led the value charts with c. ₦ 798.65 million.

Outlook: We expect the market to see a rebound next week.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦464.00/US$1.00 from ₦462.83/US$1.00 recorded at the close yesterday.

Outlook: We expect further devaluation of the Naira at the NAFEX window.


The market was anticipating the monthly report from the International Energy Agency later in the day to provide clarity on the forecast for global demand, which led to an increase in oil prices on Friday on indications of decreased Russian output and tighter supplies, Brent oil prices appreciated by c. 0.30% to $86.35 per barrel in intraday trade, while WTI increased by c 0.29% day-on-day to settle at US$82.40pb as at print time. Similarly, Spot Gold depreciated in value by c. 0.19% day-on-day to close at US$2,051.40 per ounce as of report time.

Outlook: We expect the positive sentiment to extend further.

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