Money Markets

Opening System liquidity increased to c.₦343.84 billion long, compared with the opening balance of ₦297.75 billion recorded yesterday. However, the Open Repo Rate (OPR) and the Overnight Rate (O/N)  remained unchanged at 11.00% and 11.38% respectively.

Outlook: We expect the interbank rates to trade at similar levels next week.

Treasury Bills

Activity in the NTB space was quiet to close the week, as investors stayed on the sidelines ahead of the NTB auction scheduled for next week. However, few trades were consummated on 7 Mar 2024, 11 Apr 2024, and 25 Apr 2024 at c.9.30% levels. Overall, the average mid-rate closed marginally lower by c.1bp to settle at 6.99%.

Outlook: We expect the interest to be skewed to the NTB auction scheduled for next week.

FGN Bonds

The bearish sentiment intensified today, especially across the 2026, 2037, 2049 and 2050 papers. Yields surged on the latter to 15.85% as market participants stacked up bets on higher marginal yields at the FGN bond auction expected to take place a fortnight from now. Thus, the average mid-yield closed c.23bps higher to settle at c.14.20%.

Outlook: We anticipate this trend to persist next week. barring any significant change.


The market experienced a mixed theme to close the week, amid Non-farm payroll and unemployment data release today (Non-farm payroll printed at 253,000 vs Est. 185,000. The unemployment rate also printed at 3.4% vs 3.6% surveyed). Few buyside interest were however seen across long end Nigerian papers.

In other news, Kenyan Eurobonds witnessed price appreciation after IMF’s support.

Outlook: We expect a mixed theme next week.   


The Nigerian equity market closed on a positive note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) appreciated by c. 0.34% to close at 52,466.52, while year-to-date return improved to c 2.37%. Buying interest in ZENITHBANK (0.05%) and GTCO (0.05%) drove the upward trend in today’s session. The NGX Banking, Industrial Goods, Consumer Goods and Oil &Gas Indices all appreciated in value today by 1.37%, 0.09%, 0.49% and 2.39%, respectively. ACCESSCORP led both the volume and value charts with c. 168.78 million units and c. ₦ 1.85 billion, respectively.

Outlook: We expect the bullish bias to linger next week.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦462.23/US$1.00 from ₦462.88/US$1.00 recorded last week Friday.

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


Although oil prices increased slightly in Friday’s morning Asian trade, they were still expected to decline for a third consecutive week after markets saw sharp declines due to concerns over a slowing Chinese economy and the U.S. economy. Brent oil prices appreciated by c. 1.31% to $73.45per barrel in intraday trade, while WTI appreciated by c 1.23% day-on-day to settle at US$69.40pb as at print time. Meanwhile, Spot Gold depreciated by c. 0.02% day-on-day to close at US$2,005.30 per ounce as of report time.

Outlook: Despite a price recovery, demand worries still exist.

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