Money Market

In the absence of material inflows, opening system liquidity was reported at -₦287.27 billion, compared with previous day’s opening figure of -₦320.25 billion. Nonetheless, the Open Repo Rate increased by 244bps to 21.79%, and the Overnight Rate expanded by 252bps to 22.92%.

Outlook: We expect rates to stay elevated in the mid-term.

Treasury Bills

The treasury bills market observed major selling interests across most papers, due to market liquidity crunch. As a result, the market closed bearish and average mid-yield soared by 134bps to settle at 9.99%.

Outlook: We expect the bearish bias to resurface tomorrow.

FGN Bonds

The FGN local bonds market also observed significant selling pressures, particularly across the 2029, 2038 and 2053 papers. Thus, the average mid-yield closed bearish, expanding by c.4bps to settle at 15.29%. 

Outlook: We expect the bearish bias to resurface tomorrow.


Activity in the Eurobonds market was volatile in today’s session. The SSA bonds started the session slightly bearish, although, buyside interest offset the bears towards the close the session as market digested the “hold” stance by the U.S Federal Reserve. However, in the North African region, particularly the Egypt curve, a bullish bias was witnessed throughout today’s session, majorly driven by the revised financing agreement between the IMF and Egypt from $3bn to $7bn or more. Overall, the Nigeria’s average mid-yield declined by 23bps to settle at 9.82%.

Outlook: We expect tomorrow’s performance to be largely hinged on U.S employment data.


The Nigerian bourse rebounded today, after yesterday’s panic sales due to CBN’s circular on bank’s foreign currency exposures. Hence, market digested the information today with buyside interests spilling into other sectors, in anticipation for sustained foreign currency gains for Q1’2024. At the end of trading, the All-Share Index (ASI) appreciated by 1.63% to settle at 102,802.25 points, with the year-to-date return settling at 37.48% and total market capitalization of ₦56.26 trillion.

Trading activity was mixed, with a 14.93% increase in total volume and a 45.96% decline in total value. UNIVINSURE led the volume charts with 113.76 million units while ZENITHBANK led the value chart with ₦2.76 billion. The Banking, and Industrial Indices gained 7.82% and 0.35%, respectively, while the Consumer Goods and Oil & Gas Indices lost 4.37% and 0.02%, accordingly.

Outlook: We expect a similar momentum tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by 0.43% (or ₦6.31) to $/₦1,461.90 from $/₦1,455.59 recorded yesterday.

Outlook: We expect the volatility to persist.


Oil prices edged higher today as the market digested the outcome of an OPEC committee meeting and the Federal Reserve’s decision on interest rates. Brent crude was reported at $81.34 per barrel, and West Texas Intermediate (WTI) at $76.64 per barrel, as at printing time. Gold increased to $2,078.70 per ounce as of printing time.

Outlook: We expect the bullish bias to linger tomorrow.