Money Markets

Opening System liquidity declined to at c. ₦293.02 billion long, compared with the opening balance of ₦1.11 trillion recorded last week Friday. This was due to the Retail FX SMIS and CRR debits that took place. Nonetheless, the Open Repo Rate (OPR) and Overnight Rate (O/N) declined to 11.00% and 11.38% respectively, from 12.63% and 13.13% recorded as at close of last week.

Outlook: We expect the interbank rates to trade at similar levels barring any catalyst.

Treasury Bills

The NTB market witnessed a lull session to start the new trading week, albeit few selling interests were observed on Mar and  April 2024 bills at the 9.00% handle, while bids hovered around 10.00% levels. Thus, the average secondary market rate inched up by c.50bps to settle at 7.42%.

Outlook: We expect the tepid session to persist at tomorrow’s session.

FGN Bonds

The FGN bonds market sustained its bearish theme, particularly at the long end of the curve (2042s, 2049s and 2050s). Although, sellers improved their offers to match the available bids by midday, traded volumes were few and far between, as bids were revised much higher. Overall, the average mid-yield closed c.3bps higher to 13.89%.

Outlook: We expect a similar play tomorrow, even as sellers become more aggressive with their offers.


The Eurobond space recorded weak interest at today’s session, amid inflation data released in the Eurozone (inflation inched up to 7.00%). Traders also held a cautious stance ahead of tomorrow’s US FOMC meeting, where another 25bps hike is expected to ensue.

Outlook: A muted session is expected tomorrow, as market participants focus on the US Fed’s decision


The Nigerian equity market closed on a negative note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) depreciated by c. 0.20% to closed at 52,296.48 , while year-to-date return improved to c 2.04%. Selling interest in FIDELITYBK (-0.07%) and DANGSUGAR (-0.2%) drove the downward trend in today’s session. The NGX Banking, Consumer Goods and Oil &Gas Indices appreciated by 2.84%, 0.31%, and 1.05%, respectively. However, the NGX Industrial Index depreciated by 0.08%. ACCESSCORP led both the volume charts with c. 150.07 million units and the value charts with c. ₦ 1.57 billion.

Outlook: We expect the bearish bias to linger tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦462.33/US$1.00 from ₦463.00/US$1.00 recorded last week Friday.

Outlook: We expect the NAFEX rate to continue to trade around $/₦462 – 463 levels.


Tuesday saw a continuation of the previous session’s decline in oil prices as the market was pressured by negative economic data from China and anticipation of an increase in U.S. interest rates. Brent oil prices depreciated by c. 0.53% to $78.89 per barrel in intraday trade, while WTI depreciated by c 0.57% day-on-day to settle at US$75.23pb as at print time. Meanwhile, Spot Gold appreciated by c. 0.14% day-on-day to close at US$1,995.10 per ounce as of report time.

Outlook: We expect the movement in oil prices to fall as fears grows over US increase of interest rate.

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