Money Market

System liquidity opened the trading session on a negative footing at c.-₦41.43 billion, in contrast to the ₦110.77 billion registered yesterday. The Open Repo Rate (OPR) declined by 120 basis points, settling at 14.63%, while the Overnight Rate (O/N) dropped by 131 basis points, concluding the session at 15.40%

Outlook: We expect interbank rates hover around similar levels tomorrow.

Treasury Bills

The Treasury Bills market experienced a subdued trading session, with limited lateral movements of interest observed within specific maturity segments. As a result, the average mid-rate witnessed a marginal decline of 7 basis points, settling at 7.69%.

Outlook: We expect market to remain calm tomorrow.

FGN Bonds

Today’s FGN bonds trading session sparked mild excitement with a noticeable uptick in buying activity, particularly in the 2037, 2038, and 2053 papers. Despite this surge in interest, the average mid-yield managed to maintain its poise, holding steady at 14.33%.

Outlook: The same sentiment is expected to persist tomorrow


In the Eurobonds market, a subdued atmosphere prevailed as market participants held their breath in anticipation of tomorrow’s US Federal Reserve policy decision. The cautious sentiment led to limited buying interest in today’s trading session.

Outlook: The impending Federal Reserve decision, scheduled for tomorrow, looms large as a pivotal catalyst likely to reverberate throughout African markets.


The Nigerian’s bourse closed on a bullish note in today’s session as the NGX ASI appreciated c.0.71%, to settle at
68,359.22 points, while year-to-date return settled at c.33.38%. Buying interests in STANBIC (+2.50%) and
FIDELITYBK (+0.45%) impacted the positive performance today. The NGX Consumer Goods Index appreciated by 3.07%, while banking and Oil &Gas Indices depreciated by 0.11% and 0.16% respectively. The Industrial Goods Index closed flat. UBA led the volume with 109.47 million units, while AIRTELAFRI led the value chart with ₦2.72 billion.

Outlook: We expect market to be less active tomorrow.

Foreign Exchange

FMDQ’s Investors and Exporters (I&E) exchange rate appreciated to $/₦776.60, as compared to yesterday’s rate of

Outlook: We expect rates volatility to persist.


Oil prices rose in early trade on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred
further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. Brent crude oil prices gained 0.60%, reaching $95.00 per barrel on a day-to-day basis, while West Texas Intermediate (WTI) gained 1.21%, settling at US$92.59per barrel. In contrast, spot Gold experienced a slight depreciation of approximately 0.08% on the day, concluding at US$1,951.80 per ounce at the time of this report.

Outlook: We expect oil prices to stay elevated.