Money Markets

System liquidity opened with a negative balance of -₦224.71 billion today, compared with the opening balance of -₦262.28 billion recorded yesterday. Thus, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) both remained unaltered at 18.63% and 19.00%, respectively.

Outlook: We expect the interbank rates to cling at its upper band levels, as the FGN bond settlement should further dampen system liquidity.

Treasury Bills

Activity in the treasury bills market traded mixed to bullish today, with few trades mostly on long-dated papers (especially April 11, 2024). Nonetheless, average yield increased by 7bps to 7.06%, spurred by mild sell side activity on some short to mid dated papers.

Outlook: We expect the bullish bias on the long end of the curve to persist in the interim.

FGN Bonds

The local bonds market traded slightly bullish today, as buyside interests improved across the on-the-run papers, especially on the 2050 maturity. Average yield fell by 4bps to 13.97%.

 Outlook: We expect a similar trend tomorrow.


The Eurobonds market closed on a bearish note today, due to market bearish sentiment on increased tendency for an economic slowdown in the United States. Average yield inched up by 2bps to 12.66%.

Outlook: We expect a sustained bearish theme at tomorrow’s session.


The Nigerian equity settled on a bullish territory today, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained c. 0.03% to closed at 51,134.85, while year-to-date return remained on a negative at c -0.23%. Selling interest in INTBREW (-4.30%) and ZENITHBANK (-0.91%) drove the downtrend in the market today. The NGX Banking and Industrial Indices depreciated in value by 0.50% and 0.01%, respectively. Alternatively, the Consumer Goods and Oil & Gas Index appreciated by 0.04% and 0.12%, respectively. TRANSCORP led the volume charts with c.814.09 million units and the value charts with c. ₦ 1, 634.96 million.

Outlook: We expect the bearish sentiment to trickle in tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦463.25/US$1.00 from ₦462.25/US$1.00 recorded yesterday.

Outlook: We expect the exchange rate to close at similar levels tomorrow.


Oil prices fell slightly today, as the market staggered to gauge the better-than-expected quarterly economic growth rate in China versus a looming slowdown in the US economy, following the aggressive interest rate tightening. Brent oil prices depreciated by c. 0.07% to $84.70 per barrel in intraday trade, while WTI increased by c 0.06% day-on-day to settle at US$80.88pb as at print time. Spot Gold appreciated by c. 0.68% day-on-day to close at US$2,020.70 per ounce as of report time.

Outlook: We expect the direction of crude oil prices to be driven by the subsequent market-moving events.

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