Money Markets

Opening System liquidity increased slightly to c.₦756.77 billion long, compared with the opening balance of ₦721.54 billion recorded yesterday. Nonetheless, the Open Repo Rate (OPR) remained unchanged at 11.00% while the Overnight Rate (O/N) stood at 11.38% respectively.

Outlook: We expect the interbank rates to cling to similar levels tomorrow, barring any significant flows. flows.

Treasury Bills

The average mid-rate in the treasury bills market plummeted by 121bps to 4.75%, owing to the bullish rally witnessed since yesterday following the release of the NTB auction result. Investors scrambled for same day settlement transactions at today’s session as they sought to fill lost bids. Overall, traded papers were mostly skewed to the long-dated maturities. 

Outlook: We expect the bullish sentiment to ease tomorrow, as most auction orders have been filled.  

FGN Bonds

The local bonds market continued its mixed performance today, with most buy interests skewed towards the short end (2026 and 2027 papers) and sell interests at the mid-to-long end of the curve (2036, 2037 and, 2042).  Yield lost 3bps to settle at 14.13% at the end of today’s session.

 Outlook: We expect the market to trade sideways tomorrow.


The Eurobonds market continued to enjoy respite from the lower-than-forecasted U.S C.P.I data, as buy interests was seen across the curve. For Egypt, Moody’s Rating Agency placed the country for a downward review. The downgrade review was due to its ability to finalize the targeted $2 billion in asset sales necessary to meet the IMF program’s financing targets for fiscal 2023 which ends in June 2023. Thus, the average mid-yield across the Nigerian curve settled at 12.50%, as it lost c.2bps. 

Also, worthy to note is the Bank of England increasing its key interest rate by another 25 basis points today, bringing borrowing costs up to 4.50% – their highest level since 2008.

Outlook: We expect the market to extend its bullish sentiment tomorrow, at similar momentum.


The Nigerian equity market closed on a bearish note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost c.0.09% to close at 52,161.24, while year-to-date return settled at c 1.78%. Selling interest in ACCESSCORP (-3.77%), INTBREW (-3.26%) and, ZENITHBANK (-2.05%) impacted the downward trend in today’s session. The NGX Banking, Industrial and Consumer Goods Indices depreciated in value today by 1.35%, 0.01%, and 0.10%, respectively. However, the NGX Oil & Gas Index gained in value by 1.34%. ACCESSCORP led both the volume and value charts with c. 169.32 million units and c. ₦ 1.74 billion, respectively.

Outlook: We expect tomorrow’s performance to remain bearish.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦462.73/US$1.00 from ₦463.02/US$1.00 recorded yesterday.

Outlook: We expect the NAFEX rate to hover around $/₦462 levels tomorrow.


Oil prices declined today, due to jitters around the U.S debt ceiling and upswing in U.S Jobless claims data. As of report time, Brent oil prices depreciated by c. -1.41% to $75.33 per barrel in intraday trade, while WTI depreciated by c 1.70% day-on-day to settle at US$71.33pb. Similarly, Spot Gold declined by c. 0.61% day-on-day to close at US$2,024.60 per ounce as of report time.

Outlook: The expect subsequent economic indicators to the direction of oil prices tomorrow.  

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