Money Market

System liquidity turned negative with a decline of 146.61%, dropping to -c.₦97.59 billion from the ₦209.36 billion positive recorded the previous day, primarily due to the FGN bond auction settlement. Consequently, the Open Repo Rate (OPR) surged by 542bps to 22.25%, and the Overnight Rate (O/N) increased by 508bps to 23.00% .

Outlook: We expect the interbank rates to remain relatively higher tomorrow.

Treasury Bills

The treasury bills market displayed a relatively bullish trend, marked by notable buying interest in specific maturities, including Jan 2024, July 2024, Oct 2024, and Nov 2024 papers. Consequently, the average mid-rate experienced a decline of c.25bps, settling at 11.43%.

Outlook: We expect the bullish sentiment to persist.

FGN Bonds

The FGN bonds market exhibited a mixed tone, characterized by sideways interest in specific maturities, notably the 2026, 2032, 2034, 2042, and 2053 papers. Overall, the average mid-yield saw an increase of c.6bps, closing at 16.32%.

Outlook: We expect market to remain mixed tomorrow.


The Eurobonds market maintained a positive momentum with continued buying interest in sovereign and corporate papers within the SSA and North African region, excluding mild selling interest in Ghana. As a result, the average mid-yield across the Nigerian curve decreased marginally by 1 basis points, settling at 11.04%.

Outlook: We expect the market to be impacted by the global headwinds.


The Nigerian equity market concluded on a bullish note, driven by significant buyside interest in OANDO (+10.00%). The All-Share Index (ASI) rose by 0.25%, settling at 71,014.34 points, resulting in a year-to-date return of 38.56%. Market activity showed a mixed pattern, with a 9.18% decline in total volume traded and an 82.89% increase in total value traded.

Notably, the Industrial, Consumer, and Oil & Gas Indices recorded gains of 0.81%, 0.13%, and 0.01%, respectively, while the Banking Index declined by 0.76%. OANDO led in total volume with 27.97 million units and NESTLE led in total value with ₦2.34 billion.

Outlook: We expect the bullish sentiment to persist.   

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 3.81% (or ₦31.23) to $/₦818.99 from $/₦850.22 recorded yesterday.   

Outlook: We expect the volatility to persist.


Oil prices experienced a decline today due to indications that the United States, the largest oil producer globally, may be at peak production. This offset positive crude demand signals from China, the top consumer. Brent crude oil prices dropped by 0.95% to $81.69 per barrel, and West Texas Intermediate (WTI) lost 1.38%, reaching US$77.18 per barrel at the time of the report. Conversely, Spot Gold saw a slight appreciation of 0.03%, reaching US$1,967.10 per ounce. These shifts suggest a complex interplay of factors influencing the energy and precious metals markets.

Outlook: We expect oil prices to remain volatile.