Money Market

Opening system liquidity slipped by ₦203.01 billion from ₦404.09 billion on Friday to ₦201.08 billion today. Nonetheless, both the Open Repo Rate (OPR) and the Overnight Rate (O/N) declined by 14bps and 11bps to 15.61%, and 16.21%, respectively.

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

Treasury Bills

The treasury bills market witnessed a calm session today, with mild activity hovering around the short-dated papers. However, the average mid-rate remained unaltered at 9.25%.

Outlook: We expect market players to trade cautiously ahead of the treasury bills auction.

FGN Bonds

The local FGN bonds market also traded on a quiet note, with some interests seen on a few papers including the 2026s and 2053s. Overall, the average mid-yield stayed relatively flat at 15.80%.

Outlook: We expect market activity to trade softly in the interim.


Activity in the Eurobonds market endured a mixed to bullish theme. While the Nigerian, Angolan and Egypt papers witnessed buyside pressures, Ghana saw sell-offs across board amid China and the Official Creditor Committee, including the Paris Club, stalling Ghana’s access to $600 million from the IMF’s Extended Credit Facility due to disagreements over bilateral debt restructuring terms. Overall, Nigerian papers closed relatively flat.

Outlook: We expect the US ISM PMI and Job Openings Data to impact sentiment tomorrow.


The Nigerian stock market closed on a bearish note, with a 0.59% decline to 70,946.83 points. The YTD performance moderated to 38.43%, contributing to a total market capitalization of approximately ₦38.83 trillion. Selling interests in BUACEMENT (-10.00%) and OANDO (-2.12%) drove market to close bearish. Trading activity was negative, with a 0.72% decline in total volume and a 30.56% fall in total value traded.

UNIVINSURE led the volume traded with c.58.85 million units, while AIRTELAFRI led the value traded chart with ₦3.27 billion in value.The Industrial and Consumer goods sector fell by 4.27% and 0.01%, while the Banking, and Oil and Gas indices appreciated by 1.15%, and 0.04%, respectively.

Outlook: We expect market sentiment to be mixed tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 9.64% to $/₦837.77 from the $/₦927.19 recorded last Friday.

Outlook: The volatility is expected to persist in the interim.


Oil prices extended declines today, pressured by investor skepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses. Brent crude was reported at $78.44 per barrel, and West Texas Intermediate (WTI) at $73.50 per barrel. Gold prices edged lower to $2,040.4 per ounce.

Outlook: We expect oil prices to remain volatile in the interim.