Money Markets

Opening system liquidity settled at (₦-117.63) million long, compared with ₦513.33 million recorded yesterday. Nonetheless, the Open Repo Rate (OPR) and Overnight Rate (O/N) increased by 854bps and 888bps to 11.25% and 12,30%, respectively.

Outlook: We expect rates to remain at similar levels in the interim, barring any influx of new funds to ease the liquidity strain.

Treasury Bills

The treasury bills market closed bullish today, with ample demand recorded across the long-dated papers, especially the March and June 2024 maturities. Thus, average mid-rate declined by 40bps to settle at 3.59%.

Outlook: We expect investors to continue to cherry-pick tomorrow, although, with lesser aggression

FGN Bonds

The local bonds traded mixed to bullish amid the FGN bond auction settlement, with most of the activity skewed towards 2026, 2028, 2038, 2050 and 2053 papers. Overall, the average mid-yield dipped by 7bps to 12.64%.

Outlook: We expect to see a mild performance tomorrow.


The Eurobonds market endured a mixed to bullish theme today, with the bulk of the buyside activity observed across Nigeria, Angola and Egypt papers. Overall, the average mid- yield settled at 10.30% across the Nigerian curve.

Outlook: We expect the market to trend sideways tomorrow.


The Nigerian’s bourse closed on a negative note today, as the NGX ASI lost c.0.01%, to settle at 63,757.23 points, while year-to-date return settled at c 24.40. Selling interests in ZENITHBANK (-0.55%), and UBA (-0.60%) negatively impacted the trend in today’s session. The NGX Consumer Goods and Oil &Gas Indices appreciated in value by 0.48% and 0.62% respectively. However, the NGX Banking and Industrial Goods Indices depreciated by 2.05% and 0.06% respectively. JAPAULGOLD led the volume charts with 77.98million units, while GEREGU led the value charts with ₦4.86billion.

Outlook: We expect the bearish sentiment to ease tomorrow.

Foreign Exchange

FMDQ’s I & E rate depreciated to $/₦852.25 as of today, compared to $/₦742.93 recorded yesterday. NAFEX rate printed at $/₦789.47 as of July 18, 2023.

Outlook: We expect rates to remain impulsive in the interim.


On Wednesday, global oil prices increased, bolstered by China’s vow to promote economic growth, tighter supplies from Russia, and lower weekly US crude oil stockpiles. Brent oil prices appreciated by c.0.01% to $79.64pb, day-on-day, while WTI depreciated by c 0.18% day-on-day to settle at US$75.61pb. Spot Gold depreciated by c. 0.17% day-on-day to close at US$1,977.50 per ounce as of report time.

Outlook: We expect oil prices to rise, as supplies tightens.

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