Money Markets

Opening System liquidity settled at ₦168.47 billion, from ₦198.75 billion recorded yesterday. Nonetheless, the Open Repo Rate (OPR) and the Overnight Rate (O/N) declined by 20bps and 10bps to 11.70% and 12.20% respectively.

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

Treasury Bills

The treasury bills market was slightly active today despite the NTB auction that took place, although market sentiment was mixed. Sideways activity was observed mostly across the mid to long dated papers, especially Dec 2023, Mar 2024, and May 2024.

Outlook: We expect the unmet bids at the auction today to filter into tomorrow’s session.

FGN Bonds

The local bonds market was quietly mixed today. Slight activities were seen on the 2037 papers amongst other papers. Nonetheless, average yield increased marginally by 1bp to 13.72%.

Outlook: We expect a similar trend tomorrow.


The SSA Eurobonds market traded cautiously ahead of the Fed’s decision on policy rate. However, the Nigerian papers posted a bullish rally, following the CBN’s bold move to shift to a floating exchange rate regime. Consequently, the average yield fell by 39bps to 10.48%

Outlook: We expect market direction to be partly hinged on the policy rate decision by the US Fed later today.


The Nigerian equity market closed on a bullish note, as the Nigerian Stock Exchange All Share Index (NGX ASI) advanced by c.3.13% to close at 59,985.10 points, while year-to-date return settled at c 17.04%. Buying interests in DANGSUGAR (+10.00%), SEPLAT (+10.00%) and MTNN (+10.00%) led the positive trend today. The NGX Banking, Consumer Goods and Oil & Gas Indices appreciated in value by 26.52%, 4.09% and 16.01%, respectively. While the NGX Industrial Goods Index depreciated by 1.13%. UBA led the volume charts with c.230.76 million units while GTCO led the value with c. ₦ 4.20 billion.

Outlook: We expect the bullish sentiment to linger tomorrow, as foreign investors scout for opportunity amidst the bullish rally.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦664.04 today, from ₦471.67/US$1.00 recorded last Friday, as the CBN switched to a floating exchange rate system from its fixed system, in a bid to unify the exchange rate of foreign currency.

Outlook: We expect the NAFEX rate to be more volatile, although deprecate in the interim.


Oil prices ranged today as investors awaited the outcome of the U.S. Federal Reserve’s June meeting after bullish oil demand growth forecasts from the International Energy Agency (IEA) and OPEC. As of report time, Brent oil prices depreciated by c. -0.11% to $74.21pb, day-on-day, while WTI depreciated by c -0.24% day-on-day to settle at US$69.25pb. Spot Gold appreciated by c. 0.59% day-on-day to close at US$1,970.20per ounce as of report time.

Outlook: We expect the downward trend to spill into tomorrow’s session, barring any positive catalyst.  

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