Money Markets

Inflows from FAAC credit boosted system liquidity by 226.00% from its negative territory last week Friday to ₦353.60 billion long. Consequently, the Open Repo Rate (OPR)  and Overnight Rate (O/N) declined drastically from 24.25% and 25.20%, to 1.67% and 2.42%, respectively.

Outlook: We expect interbank rates to hover around single digit levels next week.

Treasury Bills

The treasury bills market was mixed this week, as buyside interests remained persistent as well as offers on selected maturities across the curve like the February and August 2024 papers. Overall, the average mid-rate shed 46bps to settle at 7.47%, week-on-week.

Outlook:  We expect next week’s activities to be concentrated on NTB auction, as the DMO would be offering ₦214.74 billion worth of treasury bills.

FGN Bonds

Overall, activities in the local bonds market were mixed, although, with occasional calmness. Precisely, activities mostly revolved around 2025, 2026, 2027, 2037, and 2053 papers. Overall, average yield inched up marginally by 1bp to 14.14%, week-on-week.

Outlook: We expect similar activities next week, in the absence of any jitters.


The Eurobonds market started off bullish after the UK bank holiday. However, momentum rerouted to a bearish theme, due to the knock-on impact of the military coup in Gabon and weakened US economic data.  Towards the end of the week, we saw slight buyside interests on attractively priced papers. In the end, market closed bearish, as average yield expanded by 20bps to 11.11%, week-on-week.

Outlook: We expect the unfolding economic data of the United States to continue to drive activities, next week, with increasing market expectation for a 25bps by the US in September meeting.


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 1.47% to close at 67,527.19 points, while year-to-date return settled at c 31.76%. Buying interest on DANGSUGAR (+27.37%), and NASCON (+24.25%) drove the positive trend this week. STANBIC reported 121.6% y/y increase in PAT in H1’23, while GTCO presented 262% y/y jump in PAT in H1’23.

All Indices closes in the green today. The NGX Consumer Goods Index appreciated by 7.58. While the NGX Banking, Industrial, and Oil & Gas Indices depreciated by 5.11%, 0.80%, and 5.36%, week-on-week. TRANSCORP led the volume charts with 444.20 million units while MTNN led the value charts with c. ₦ 9.18 billion, this week.  

Outlook: We expect a mixed activity next week.

Foreign Exchange

FMDQ’s I & E rate appreciated by ₦38.04 (4.86%) to $/₦740.38 compared to $/₦778.42 recorded last week.

Outlook: We expect the volatility to persist next week. 


Oil prices heads towards a bullish close, due to negative sentiment on US crude supplies, and China’s struggling economy. As of writing time, brent oil prices appreciated by c. 4.11% to $87.95 per barrel, week-on-week, while WTI appreciated by c 6.35% week-on-week to US$84.90pb. Spot Gold appreciated by c.1.24% to US$1,964.0 per ounce as of report time.

Outlook: We expect the bullish sentiment to linger next week, albeit, on a less aggressive pace.