Money Markets

Due to the bond auction settlement today, the Opening System liquidity declined to c. ₦201.37billion short, compared with the opening balance of ₦34.77 billion long recorded yesterday. Consequently, the Open Repo Rate (OPR) and Overnight Rate (O/N) expanded by 450bps and 412bps to 17.88% and 18.25% respectively.

Outlook: We expect the interbank rates to stay elevated tomorrow.

Treasury Bills

The treasury bills closed on a bearish note today, with offers seen across several papers, particularly on August 2023, November 2023, and May 2024. The session closed with average yield of 6.57%, depicting 34bps higher compared to yesterday’s rate.  

Outlook: The bearish trend s expected to extend into tomorrow’s session.

FGN Bonds

The local bonds market started with a mixed-to-bearish posture across selected papers, including 2028, 2032, 2037, 2042, 2049 and 2050 papers. Shortly before the closing bell, we noticed increased buying interests particularly on 2028, 2042 and 2050 papers, which pulled average yield lower by 3bps at the end of the session, to settle at 14.13%. 

Outlook: We expect activity to improve  tomorrow as selected frequently traded papers have been priced at a closed range with regards to market bids and offers.


The Eurobonds market traded bearish today, as sell interests were seen across board. Although, Ghana Eurobonds market continued to trend higher with the recent positive update from IMF. Thus, average yield increased by 6bps to 12.53%.

Outlook: We expect jitters for tomorrow’s session to be mostly cantered around speeches by some Fed officials. 


The Nigerian equity market closed on a bullish note today, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained c.0.31% to close at 52,580.86 points, while year-to-date return settled at c 2.59%. Observably, buying interest in NB  (9.63%), and GTCO (4.18%) drove the upward trend recorded today. The NGX Banking, Consumer Goods and Oil & Gas Indices appreciated in value today by 0.96%, 1.09% and 0.49%, respectively. However, the NGX Industrial Goods Index depreciated in value by 0.10%. FIDELITYBK led the volume charts with c. 254.05 million units while GTCO led the value charts with c. ₦ 1.57 billion.

Outlook: We expect the bullish sentiment to persist in the interim.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦465.13/US$1.00 from ₦464.67/US$1.00 recorded yesterday.

Outlook: We expect the NAFEX rate to hover at similar levels tomorrow.


Oil prices increased today, as it shrugged off negative jitters across the global economy, particularly China’s demand worries. As of report time, Brent oil prices appreciated by c. 0.69% to $75.43 per barrel in intraday trade, while WTI depreciated by c 0.72% day-on-day to settle at US$71.37pb. Alternatively, Spot Gold depreciated by c. 0.28% day-on-day to close at US$1,987.40 per ounce as of report time.

Outlook: We expect Oil prices to cling around similar levels tomorrow, pending any significant drivers.

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