Money Markets

System liquidity opened with a negative balance of -₦851.25 billion today (driven by the FGN bond auction settlement), compared with the opening balance of -₦224.71 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.

Treasury Bills

The treasury bills market started off quiet, but gradually stirred up towards the mid-day and end of the session with bullish sentiment. Buyside interests were seen around the tail end of the yield curve, like the March 14, March 28 and April 11, 2024, papers. Consequently, we saw average yield shed 55bps to 6.50%.

Outlook: We expect the bullish bias to linger tomorrow, albeit, on a less aggressive note.

FGN Bonds

The local bonds market traded actively today, with buyside interests observed across 2037, 2042, 2049 and 2050 papers. Thus, the average mid-yield slid downwards by 6bps to 13.92%.

Outlook: We expect the market to sustain its bullish sentiment tomorrow.


The Eurobonds market traded bearish today, with selling interests seen across board. Average yield propped up by 19bps to 12.85%. On the SSA front, Kenya announced plans to raise $2 billion from the Eurobond market, to facilitate the redemption of the July 2024 maturity.

Outlook: We expect the market to witness a mixed to bearish sentiment tomorrow.


The Nigerian equity market settled on a positive note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained c. 0.09% to closed at 51,178.41, while year-to-date return remained on a negative at c -0.14%. Buying interest in TRANSCORP (+0.2%) and ZENITHBANK (+0.05%) drove the upward trend in the market today. The NGX Industrial and Oil &Gas Indices depreciated in value by 0.07% and 1.33%, respectively. Alternatively, the Consumer Goods and Banking Indices appreciated by 0.08% and 0.77%, respectively. TRANSCORP led the volume charts with c.1.14 billion units and the value charts with c. ₦ 2.14 billion.

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

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦462.50/US$1.00 from ₦463.25/US$1.00 recorded yesterday.

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


Early Asian trade on Wednesday saw an increase in oil prices as declining U.S. crude inventories and positive Chinese economic statistics suggested that fuel demand was growing. Brent oil prices depreciated by c. 0.55% to $84.30 per barrel in intraday trade, while WTI depreciated by c 0.58% day-on-day to settle at US$80.39pb as at print time. Spot Gold depreciated by c. 0.83% day-on-day to close at US$2,003.00 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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