Money Markets

System liquidity remained firmly positive this week, with FAAC inflows bolstering liquidity by 87.44% to ₦1.15 trillion from ₦613.33 billion recorded last week. Consequently, the Open Repo Rate (OPR)  and Overnight Rate (O/N) declined by 154bps and 140bps to 1.36% and 2.00%, respectively.

Outlook: We expect the interbank rates to cling to its low levels.

Treasury Bills

Prior to the two-day holiday, the treasury bills market exhibited a bullish trajectory with buyside interests across several papers. However, activity toned down as participants tilted focus to the rescheduled NTB primary market auction today.

At the auction, the DMO sold ₦187.11 billion treasury bills, in line with the intended offer. Furthermore, the stop rates declined across the three papers, as the 91, 182 and 364-day papers declined by 202bps, 75bps and 201bps compared to the previous auction, to close at 2.87%, 4.37% and 6.23% respectively. Overall, average yield suffered c.153bps decline to close at 4.09%, week-on-week.

Outlook:  We expect the bullish rally to persist next week, given the elevated system liquidity.

FGN Bonds

Similarly, the bond market sustained a bullish bias at the early part of the week. Although, at the last trading day of the week, the market witnessed a quiet session. Overall, average yield declined by 106bps to 2.29%, week-on-week.

Outlook: We expect the bullish trend to resurface next week.


The Eurobonds market posted a bullish sentiment, with a slightly, mixed backdrop. Across the SSA region, market was swayed by country-specific drivers with occasional swings in the yield curve. Consequently, average yield fell by 5bps to 10.53%, week-on-week.

Outlook: We expect the minutes of the U.S Fed’s FOMC meeting to partly dictate the trajectory of market trend next week, even as participants continue to react to country-specific catalysts.


The Nigerian equity market closed on a bullish note, week on week, as the Nigerian Stock Exchange All Share Index (NGX ASI) appreciated by c.2.98% to close at 60,968.27 points, while year-to-date return settled at c 18.96%. Buying interest in ACCESSCORP (11.04%), and AIRTELAFRI (+4.19%) drove the upward trend this week.

Again, all indices closed in the green this week. Thus, the NGX Banking, and Industrial Indices gained 7.78% and 0.63%, respectively, while the NGX Consumer Goods and Oil & Gas Indices appreciated in value by 1.12%, and 4.56%, respectively, week-on-week. ACCESSCORP led both the volume charts with c. 441.33 million units and value charts with c. ₦ 7.02 billion, this week.  

Outlook: We expect the market to post a positive performance next week, barring any negative drivers.  

Foreign Exchange

FMDQ’s Investors and Exporters (I&E) rate appreciated by 0.12% to ₦769.25/US$1.00 from ₦770.17/US$1.00 recorded last week.

Outlook: We expect the volatility to persist next week. 


Oil prices closed on a bullish note this week, in the absence of any significant negative catalyst. Brent oil prices appreciated by c. 1.54% to $74.99 per barrel, week-on-week, while WTI appreciated by c 1.36% day-on-day to settle at US$70.91pb. Similarly, Spot Gold depreciated by c. 0.23% to US$1,925.10 per ounce as of report time.

Outlook: We expect the OPEC+ meeting to be at the spotlight of market performance next week.