Money Market

Opening system expanded by c.130.94% from ₦76.83 billion last Friday to ₦177.44 billion today. As a result, the Open Repo Rate (OPR) and the Overnight Rate (O/N) shed 317bps and 263bps to 16.00%, and 16.95%, respectively.

Outlook: We expect the interbank rates to juggle around similar levels tomorrow.

Treasury Bills

Activity in the treasury bills market was quiet, albeit few interests on the long-dated papers (November and December 2024) were observed, as players stay cautious on the direction of yields. Overall, the average mid-rate declined by 31bps to settle at 9.33%.

Outlook: We expect a buyside interest to ease tomorrow.

FGN Bonds

The local bonds market was calm today, as market shifted attention to the FGN bond auction. Although, occasional buyside interests on selected papers like 2037 and 2053 was witnessed. Nevertheless, the average mid-yield remained unchanged at 15.64%.

Outlook: We expect activity to trend bullish tomorrow, given the decline in stop rates at today’s FGN bond auction.


The Eurobonds market exhibited a weak theme, though the underlying tone was mixed due to the absence of any major jitters. While Ghana’s paper was bearish around the short-to-medium region, Nigeria’s was mostly bullish on the short and long-dated papers. On the other hand, Kenya was calm in today’s session. Overall, the average mid-yield across Nigerian papers remained unaltered at 10.33%.

Outlook: We expect the US CPI data to be at the spotlight of investors’ watch.


The Nigerian equity market closed bullish today, due to general bullish sentiment across several tickers. Contextually, the ASI appreciated by 0.18% to 71, 669.91 points, while the YTD performance settled at 39.84%, contributing to a total market capitalization of approximately ₦39.21 trillion. Trading activity was lower, as total volume and value trades declined by 25.51% and 46.53%, respectively.

Further, the total volume and value traded were led by VERITASKAP and ACCESSCORP with 88.84 million units and ₦612.70 billion, correspondingly. The Banking and Industrial Indices appreciated by 1.59% and 0.21%, respectively, while the consumer goods sector increased by 0.03%. The Oil & Gas Index flattened.

Outlook: We expect a similar trend tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 21.36% (or ₦234.76) to $/₦864.29 from $/₦1,099.05 recorded last Friday.

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


Oil prices dipped today as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year. Brent crude was reported at $76.02 per barrel, and West Texas Intermediate (WTI) at $71.30 per barrel, as at printing time. Similarly, Gold prices fell slightly to $1,997.00 per ounce from the previous day.

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