Money Market

System liquidity opened much higher at ₦584.37 billion compared to ₦315.72 billion recorded yesterday. Consequently, the Open Repo Rate (OPR) and the Overnight Rate (O/N) fell by 118bps and 150bps to 14.90%, and 15.60%, respectively.

Outlook: Interbank rates is expected to stay depressed in the interim.

Treasury Bills

The treasury bills market remained calm, despite yesterday’s OMO auction. Market closed on a flat note, as average mid-yield stayed unaltered at 8.17%.

Outlook: We expect activity to gradually stir tomorrow, as liquidity improves.

FGN Bonds

Today’s market was mixed, with bids and offers noticed majorly on the on-the-run papers, especially the 2038 and 2053 maturities. Overall, market closed mixed—to-bullish, with average mid-yield rate 14.95%.

Outlook: We expect similar session tomorrow.


The Eurobonds market was quietly mixed for the most part of the session, as participants adjust to trade cautiously pending the next significant data point for a more reliable forecast. In Africa, Angola terminated its membership with the OPEC after disagreements over its oil production quota. Overall, Nigerian’s curve concluded the session on a bearish note, as average mid-yield increased by 6bp to settle at 9.60%.

Outlook: We expect the next hurdle for market to be centered on the US PCE Price Index.


The Nigerian All-Share Index appreciated by 1.21%, to settle at 74,289.02 points in today’s session, driven by continuous buyside interests for many banking tickers, including TRANSCORP (+10.00%).  Thus, YTD performance settled at 45.95%, nudging the total market capitalization at ₦40.65 trillion. Trading activity was positive, as total volume increased by 37.19%, while total value traded rose by 1.54%.

Further, the total volume and value traded were led by ABBEYBDS with 89.45 million units and NESTLE ₦2.65 billion. The Banking and Industrial Indices increased by 1.36% and 0.01%, respectively, while the consumer goods and oil & gas Indices fell by 0.15% and 0.05%.

Outlook: We expect a similar session tomorrow

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by 0.85% (or ₦7.30) to $/₦861.91 from $/₦854.61 recorded yesterday.

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


Oil prices fell by more than $1 a barrel today after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC). Brent crude was reported at $73.57 per barrel, and West Texas Intermediate (WTI) at $73.58 per barrel, as at printing time. Gold range-bound as market focuses on U.S. economic data. Thus, Gold prices increased to $2,052.50 per ounce from the previous day, as of printing time.   

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