Money Markets

Opening System liquidity increased significantly to a robust ₦1.31 trillion, buoyed by today’s April 2023 FGN bond maturity, compared with the opening balance of ₦525.78 billion recorded yesterday. Consequently, the Open Repo Rate (OPR) and Overnight Rate (O/N) decreased by 13bps and 25bps to 11.00% and 11.25%, respectively.

Outlook: We expect the interbank rates to stay at similar levels tomorrow, pending any major catalyst.

Treasury Bills

Despite the robust liquidity in the system today, the treasury bills market closed on a bearish note, as average yield trended higher at 5.98% (+93bps). Sell interests reverberated across the mid-to-long end of the curve, alongside uninterested buyers.

Outlook: We expect tomorrow’s performance to post a mixed sentiment.

FGN Bonds

The local bonds market was mixed today, as market participants jingled around bids and offers on selected papers. Activity was particularly seen on the 2028, 2037, 2042, 2049, and 2050 papers. As a result, average yield increased marginally by 1bp to settle at 13.85%.  

Outlook: We expect market to trade sideways tomorrow.


The Eurobond market started off promising, with bullish sentiment across the curve. Market took a U-turn after the Bureau of Economic Analysis of U.S reported the U.S Q1’2023’s GDP real growth rate at 1.10%, which fueled fears of a recession as market expected a 2.0% real growth rate. Overall, average yield lost only c. 3bps to settle at 12.55%. 
Also, according to the Punch Newspaper, Nigeria has suspended her plan to remove fuel subsidy by June 2023.

Outlook: Tomorrow, we expect the outcome of the U.S P.C.E and Core P.C.E Index to further inform the market direction ahead of the U.S Fed’s meeting.


The Nigerian equity market extended its bullish sentiment today, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained c. 0.27% to closed at 52,235.88, while year-to-date return settled at c 1.92%. Buying interest in HONYFLOUR (10.00%) and TRANSCORP (5.76%) drove the uptrend in today’s session.

The NGX Consumer Goods and Oil & Gas Indices appreciated by 1.98%, and 0.51%, respectively. However, the Banking and Industrial Indices depreciated by 0.45% and 0.05%, accordingly. ACCESSCORP led both the volume charts with c. 1.23 billion units and the value charts with c. ₦ 12.51 billion.

Outlook: We expect the bullish bias persist.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦462.00/US$1.00 from ₦463.13/US$1.00 recorded yesterday.

Outlook: We expect the exchange rate to revolve around $/₦462 – 463 levels.


After the consistent plunge in the past few days, Oil prices found relief in today’s session. Brent oil prices depreciated by c. 0.05% to $77.65 per barrel in intraday trade, while WTI appreciated by c 0.04% day-on-day to settle at US$74.33pb as at print time. Meanwhile, Spot Gold depreciated by c. 0.08% day-on-day to close at US$1,994.40 per ounce as of report time.

Outlook: We expect the decline in crude oil prices to sustain in tomorrow’s session.