Money Markets

Opening System liquidity increased to c.₦585.69 billion long, compared with the opening balance of ₦534.78 billion recorded yesterday. However, the Open Repo Rate (OPR) and the Overnight Rate (O/N)  both increased to 11.00% and 11.33% respectively.

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

Treasury Bills

Activity in the treasury bills market was largely muted, as most participants were standoffish ahead of tomorrow’s NTB auction. However, subtle buying interests were observed across the mid to long dated papers, especially 09 Nov 2023, 28 Mar 2024 and 11 Apr 2024 papers. Thus, the average mid-rate closed c.42bps lower to settle at 6.23%.

Outlook: Attention is expected to shift to tomorrow’s NTB primary market auction, as such, secondary market activity should be relatively muted.

FGN Bonds

It was a mixed affair in the FGN bonds market, with most of the interests skewed to the 2028. 2037, 2049 and 2050 papers. Interestingly, the long end of the curve appears to be witnessing some renewed buyside interest ahead of next week Monday’s FGN bond auction, despite the dearth of coupon inflows. Overall, the average mid yield closed c.2bps higher to print at 14.22%.

Outlook: We anticipate the mixed theme to persist tomorrow.


Ahead of tomorrow’s US inflation readings, the Eurobond market endured a bearish theme, with lower prices recorded across the SSA curves (also fueled by the fall in Oil prices). However, Egypt witnessed buyside interest on the short end while the long end was relatively flattish. Consequently, the average mid yield across the Nigerian curve settled at 12.63%

Outlook: We expect tomorrow’s session to trade cautiously, in anticipation of the US inflation report.   


The Nigerian equity market closed on a positive note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) appreciated by c. 0.05% to close at 52,605.41, while year-to-date return improved to c 2.64%. Buying interest in ZENITHBANK (0.1%) and FBNH (0.25%) drove the upward trend in today’s session. The NGX Banking and Oil &Gas Indices all appreciated in value today by 0.76% and 1.12%, respectively. However, the NGX Consumer Goods Index depreciated in value by 0.73%, while the NGX Industrial Goods Index closed flat. ACCESSCORP led both the volume and value charts with c. 129.73 million units and c. ₦ 1.48 billion, respectively.

Outlook: We anticipate the buyside interest to linger tomorrow.  

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦462.25/US$1.00 from ₦461.25/US$1.00 recorded yesterday.

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


Oil prices fell on Tuesday, relinquishing some of the strong gains in the previous two sessions while the market remained cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve’s next interest rate decision. Brent oil prices depreciated by c. 0.83% to $76.37per barrel in intraday trade, while WTI depreciated by c 0.77% day-on-day to settle at US$72.60pb as at print time. Meanwhile, Spot Gold appreciated by c. 0.06% day-on-day to close at US$2,034.40 per ounce as of report time.

Outlook: All the focus will be on the US Fed’s decision tomorrow

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