Money Market

Opening system liquidity fell short at -₦93.15 billion, from ₦229.82 billion recorded yesterday. However, the Open Repo Rate (OPR) and Overnight Rate (O/N) declined by 518bps to 16.40% and 450bps to 17.25%, respectively.

Outlook: We expect the interbank rates to remain at similar levels tomorrow.

Treasury Bills

The treasury bills market closed on a bearish note in today’s session. To add, rates around the belly and long end of the curve improved, as offers overshadowed available bids. At the closing bell, the average mid-rate expanded by 9bps to 5.94%.

Outlook: We expect a similar occurrence tomorrow.

FGN Bonds

The FGN local bonds market also witnessed a bearish theme, with selling interest observed across the belly and long end of the curve. Thus, the average mid-yield increased by 4bps to close at 14.29%.

Outlook: We expect the current sentiment to persist.


The Eurobonds market sailed downwards with selloffs across the curve, as investors cautiously assess all inflation-linked data points ahead of the next monetary policy meeting. Both the SSA and MENA region were engulfed with bearish momentum in today’s session. Consequently, average mid-yield increased by 18bps to settle at 9.78%.

Outlook: We expect the US retail sales data, and Fed speakers to provide more insight into the Fed’s thinking around rate cut.


The Nigerian bourse maintained a bullish momentum in today’s trading, with significant demands for tickers in the banking and industrial goods sectors, particularly DANGSUGAR (+10.00%), NASCON (+10.00%), NB (+10.00%) and UBA (+7.95%). As a result,  ASI appreciated by 3.93%, to settle at 87,971.09 points, while YTD return settled at +17.65% with a total market capitalization of ₦48.14 trillion. Activity was positive with 34.82% increase in total volume and a 45.46% increase in total value traded.

JAIZBANK topped the volume chart with 150.64 million units, while NASCON led in value at ₦2.57 billion. The Banking and Oil & Gas Indices appreciated by 4.35%, and 0.11%, respectively, while the Industrial and Consumer Goods gained 9.72% and 2.97%, respectively.   

Outlook: We expect the bullish bias to persist.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by 4.72% (or ₦39.62) to $/₦878.57 from $/₦838.95 recorded yesterday.

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


Oil prices declined today, as investors monitored the impact of tensions in the Middle East. Brent crude was reported at $77.65 per barrel, and West Texas Intermediate (WTI) at $71.75 per barrel, as at printing time. Gold prices increased to $2,042.70 per ounce from the previous day, as of printing time.   

Outlook: We expect oil prices to hover around $70 pb levels in the interim.