Money Market

Opening System liquidity increased by 28.87% to c.₦254.80 billion from ₦197.73 billion recorded yesterday. Nonetheless, the Open Repo Rate (OPR) and the Overnight Rate (O/N) expanded by 50bps and 60bps to 3.50% and 4.20%, respectively.

Outlook: We expect the interbank rates to ease on the back of FAAC credits and coupon inflows.  

Treasury Bills

The treasury bills market traded sideways today, but at a less aggressive pace, as players tilted focus to the NTB auction. Thus, the average mid-rate closed flat at 6.05%.

Outlook: We expect buyside interest to grow stronger as liquidity improves in the mid-term

FGN Bonds

The local bonds closed on a bearish note today, as selling interests on liquid papers persisted.  As a result, the average mid-yield increased by 5bps to close at 15.05%.

Outlook: We expect the market to remain mixed to bearish in the interim.   


The Eurobonds market maintained its bullish course today, as short covering and cherry-picking activities persisted. Overall, the African curves closed on a positive note, with the average mid-yield across Nigerian papers ending the session at 11.88%.

Outlook: We expect the US economic indicators to be at the forefront of market drivers in the interim, subject to the changing narrative of the war in the middle east region.   


The Nigerian equity market closed relatively bearish, as selloffs in UBA (-5.78%) was dwarfed by gained in GERUGU (+7.71%). Consequently, the All-Share Index (ASI) lost 0.02% to close at 67,206.16 points, with a year-to-date return of approximately 31.13%. The market activity was mixed, as total volume traded increased by 3.05% while total value traded fell by 30.32%.

The Banking and Consumer Goods Indices depreciated by 0.88% and 0.16%, respectively, while the Industrial and Oil & Gas Indices lost 0.10% and 0.24%, respectively. FIDELITYBK topped the volume charts with 50.32 million units while GTCO led the value charts with ₦733.79 billion.

Outlook: We expect market sentiment to continue to trade sideways.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 5.83% to $/₦801.10 from $/₦847.77 recorded yesterday.

Outlook: We expect rates volatility to persist.


Oil prices declined softly today, as concerns about war escalating in the Middle East offset demand worries stemming from gloomy economic prospects in Europe.. Brent crude oil prices fell by 0.10% to $87.98 per barrel, while West Texas Intermediate (WTI) declined by 0.47% to US$83.35 per barrel as of writing time. Similarly, Spot Gold declined by 0.03% to US$1,986.60 per ounce at the time of this report.

Outlook: We expect oil prices to continue to swing sideways.