Money Markets

System liquidity opened with a negative balance of -₦430.03 billion today, compared with the opening balance of -₦851.25 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 depress next week, on the back of c.₦1 trillion inflows in bonds coupon and FGN maturity.

Treasury Bills

The treasury bills market traded mixed to bullish, with buyside interests on the mid to long end of the curve, 26 Dec 2023, 7 & 14 March 2024, and 11 April 2024. Average yield declined by 76bps to 5.73%.

Outlook: We expect activities to be mostly skewed towards the treasury bills auction next week.

FGN Bonds

The local bonds market started the session bullish, as buyside interests was mostly centered around the 2028, 2037 and 2050 papers. Towards the end, market eased to a quiet theme, which culminated to a marginal decline of the average mid-yield by 1bp to settle at 13.90%. 

Outlook: We expect the market to reposition towards a bullish posture, as participants anticipate an inflows of c. N1 trillion in coupon and FGN maturity to jitter market activities next week.


The Eurobonds market traded bearish today, as the market anticipate another round of rate hike by the US Federal Reserve at its next FOMC meeting in May. Average yield trended higher to settle at 12.92% (+7bps). 

Outlook: We expect the market to be tossed by the outcome of economic indicators next week.


The Nigerian equity market closed bearish today, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost c. 0.29% to closed at 51,028.62, while year-to-date return remained on a negative at c -0.43%. Selling interest in WAPCO (-1.71%) and UBA (-0.63%) contributed to the downtrend today.The NGX Banking Index appreciated in value by 2.90%. Alternatively, the NGX Consumer Goods, Industrial, and Oil & Gas Indices depreciated by 0.02%, 0.09%, and 0.22%, respectively. TRANSCORP led the volume charts with c.240.55 billion units while ACCESSCORP led the value charts with c. ₦ 1.49 billion.

Outlook: We expect the market to trend sideways next week.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦463.25/US$1.00 from ₦463.37/US$1.00 recorded yesterday.

Outlook: We expect the exchange rate to hover at similar levels next week.


Oil prices declined significantly today, due to heightened expectations of rate hike by the US Fed. Brent oil prices depreciated by c. 2.42% to $81.11 per barrel in intraday trade, while WTI depreciated by c 2.41% day-on-day to settle at US$77.25pb as at print time. However, Spot Gold appreciated by c. 0.37% day-on-day to close at US$2,014.83 per ounce as of report time.

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