Money Markets

In the absence of official figures, opening system liquidity was estimated to hover around c.₦200 billion long. Consequently, the Open Repo Rate (OPR) and the Overnight Rate (O/N) increased to 11.63% and 12.00% respectively from 11.50% and 11.88% recorded last week Friday.

Outlook: We expect the interbank rates to remain at current levels tomorrow.

Treasury Bills

Activity in the treasury bills market was quiet, albeit with a mixed tone. Despite the mixed sentiments which was mostly seen around the long end of the curve (14-March 2024 and 9-May 2024), market closed on a bearish note. Thus, the average mid-rate settled at 5.39%. 

Outlook: Activity is expected to dwindle tomorrow, as participants should take caution ahead of the treasury bills auction.

FGN Bonds

The local bonds market witnessed a bullish performance today, as positive drivers (like the revised auction calendar) sustained investors confidence to cherry-pick papers at attractive yield levels. Nonetheless, average mid-yield stayed at 13.66%.

Outlook: We expect the buyside interest to linger in the interim. 


The Eurobonds market stood firm in the green at today’s session, with buyside interests across board. Elsewhere, the US services PMI printed at 54.9 in May from 55.1 in April.  Consequently, average yield plunged 9bps to settle at 10.87%.

Outlook: We expect the bullish bias to persist tomorrow.


The Nigerian equity market closed on a bearish note, as the Nigerian Stock Exchange All Share Index (NGX ASI) declined by c.0.03% to close at 55,807.09 points, while year-to-date return settled at c 8.89%. Observably, selling interest in GEREGU (-1.90%) and ZENITHBANK (-0.65%) drove the downwards trajectory today. The NGX Oil & Gas, Banking and Consumer Goods Indices appreciated in value by 2.55%,0.27% and 0.06% respectively. While NGX Industrial Goods Index depreciated by 0.01%. GEREGU led both the volume charts and the value charts with c.52.49million units and c. ₦ 16.37 billion.

Outlook: We expect a mixed performance tomorrow.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate remained at ₦464.67/US$1.00 today.

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


Oil prices climbed following Saudi Arabia’s announcement to reduce output by another million barrels per day. As of report time, Brent oil prices appreciated by c. 1.79% to $77.49pb, day-on-day, while WTI appreciated by c 1.88% day-on-day to settle at US$73.09pb. Spot Gold depreciated by c. 0.46% day-on-day to close at US$1,960.60per ounce as of report time.

Outlook: We expect oil prices to rise as Saudi Arabia pledged additional voluntary output curbs.

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