Money Market

Opening system liquidity significantly increased today from ₦405.20 billion last week Friday to ₦823.07 billion today. Unsurprisingly, the Open Repo Rate (OPR) and the Overnight Rate (O/N) contracted by 170bps and 195bps to 1.00% and 1.45%, respectively.

Outlook: We expect interbank rates to remain depressed in the interim

Treasury Bills

The treasury bills market opened today’s session with buyside interest across the curve. Most of the demand was skewed to September 2024 papers at c.10.70%. Thus, the average mid-rate declined by c.200 bps to settle at 6.79%

Outlook: We expect to see some buyside interests tomorrow.

FGN Bonds

Activity in the FGN bonds market was mildly bullish, but at a less aggressive pace. Buyside interests engulfed only some selected papers. Nevertheless, average yield remained unchanged at 14.20%.

Outlook: We expect a mildly bullish theme in the interim, even as investors await the release of Q4 2023 bond issuance calendar.


The Eurobonds market continued to react to fears that the Fed’s will keep interest rates for longer, even as the market position for likely shocks from the US labour data later this week. The SSA and MENA drifted lower, as average yield soared by 101bps to 12.31%.

Outlook: We expect the ADP Employment data, factory order and ISM services data to drive market activity tomorrow.


The Nigerian’s equity market started the week on a positive note, as the ASI gained 0.59% to settle at 66,770.97 points, while year-to-date return settled at c.30.28.

The buying interests seen on BUACEMENT (+9.94%) and OANDO (+9.55%) and GTCO (+2.18%) drove the positive performance today. The NGX Banking and Industrial Indices appreciated by 0.31% and 3.53%, respectively. While the NGX Consumer Goods Index declined by 0.41%. The Oil & Gas Index stood flat. CHIPLC led the volume charts with 71.54 million units while GTCO led the value chart with ₦752.68 billion.

Outlook: We expect the bullish sentiment to persist.

Foreign Exchange

FMDQ’s Investors and Exporters (I&E) exchange rate appreciated to $/₦745.19, compared to $/₦755.27 recorded last Friday.

Outlook: We expect rates volatility to persist.


Oil prices fell slightly today amid a stronger U.S. dollar, darkening global macroeconomic outlook and mixed supply signals. Brent crude oil prices appreciated by 0.20% to $90.89 per barrel, while West Texas Intermediate (WTI) appreciated by 1.02% to US$89.73 per barrel as of writing time. In contrast, Spot Gold depreciated 0.38% to US$1,840.20 per ounce at the time of this report.

Outlook: We expect oil prices to stay elevated.