Money Market

System liquidity improved to c.₦31.95 billion from the -₦97.59 billion recorded yesterday. Consequently, the Open Repo Rate (OPR) declined by 4bps to 22.21% and the Overnight Rate (O/N) lost 8bps to 22.92%.

Outlook: We expect the interbank rates to remain at double-digit levels tomorrow.

Treasury Bills

The bullish momentum was sustained in the treasury bills market today, with interests across the curve. Consequently, the average mid-rate declined by c.9bps, to settle at 11.34%.

Outlook: We expect the bullish sentiment to persist.

FGN Bonds

The FGN bonds market traded sideways today, with mixed interests across several papers, including 2026, 2029, and 2053 maturities. Overall, the average mid-yield increased by 8bps to settle at 16.39%.

Outlook: We expect market to remain mixed tomorrow.


The Eurobonds market maintained its bullish stance, driven by ongoing expectations of a potential pause in rate tightening by the U.S Federal Reserve. Although activities began on a subdued note at the opening, the market gained momentum with heightened volatility during the session. Consequently, the average mid-yield across the Nigerian curve saw a decrease of 12 basis point, settling at 10.91%.

Outlook: We expect the bullish theme to linger tomorrow.


The Nigerian equity market concluded on a bullish note, due to the buyside interest witnessed on NB (+5.26%). The All-Share Index (ASI) increased by 0.02%, settling at 71,025.16 points, resulting in a year-to-date return of 38.58%. Market activity showed a mixed pattern, with a 62.72% increase in total volume traded and an 28.93% decline in total value traded.

The Consumer Goods Index gained 0.31%, while the Banking and Oil & Gas Indices lost 0.35% and 0.18%, respectively. The Industrial Index closed flat. REGALINS led in total volume with 104.34 million units and OANDO led in total value with ₦676.64 billion.

Outlook: We expect the bullish sentiment to persist.   

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by 2.63% (₦22.15) to $/₦842.14 from $/₦818.99 recorded yesterday.   

Outlook: We expect the volatility to persist.


Oil prices fell today, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China. Brent crude oil prices dropped by 3.63% to $78.23 per barrel, and West Texas Intermediate (WTI) lost 3.91%, reaching US$73.66 per barrel at the time of the report. Conversely, Gold Spot Gold saw a slight appreciation of 0.97%, reaching US$1,983.30 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.