Money Market

Opening system liquidity fell by 32.09% from ₦439.68 billion yesterday to ₦298.61 billion today. However, the Open Repo Rate contracted by 29bps to 14.50%, while the Overnight Rate fell by 35bps to 15.11%.

Outlook: We expect rates to hover at similar bands tomorrow.

Treasury Bills

The treasury bills market was tossed sideways in today’s session. The session began with buyside interests across the curve, although, market rerouted bearish at the second half of the session. Overall, average mid-rate declined by 99bps to close at 13.73%.

Outlook: We expect market activity to ease tomorrow.

FGN Bonds

The local bonds market traded cautiously today, with a bearish backdrop as investors positioned ahead of the next primary market auction. At the market close, average mid-yield increased by 6bps to settle at 16.65%.

Outlook: We expect activity to trade bearish tomorrow.


The Eurobonds market traded bullish today, as buyside interests reverberate across the curve. The bullish bias was partly driven by investors’ rising appetite for attractive yield levels coupled with lower-than-expected slump in U.S Retail Sales data. The SSA and MENA curves mirrored the dominance of bidders at the end of the session. Consequently, Nigeria’s average mid-yield declined by 26bps to close at 9.55%.

Outlook: We expect the bullish bias to wane tomorrow.


The persistent interest in GEREGU (+6.47%) induced the bullish close in the Nigerian equity market. The ASI gained 0.58% to settle at 104,100.00 points while the year-to-date return settled at c.39.22% and total market capitalization was valued at ₦56.96 trillion.

Consequently, trading activity was negative, with -33.35% and -42.89% decline in the total volume and value traded, respectively. Further, GTCO led the volume chart with 56.61 million units the value charts with ₦2.22 billion. The Industrial and Consumer Goods increased by 1.95% and 0.22%, respectively, while Banking Index declined by 1.32%. The Oil & Gas Index flattened.

Outlook: We expect a similar momentum tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 3.74% (or ₦57.47) to $/₦1,498.25 from $/₦1,556.54 recorded last yesterday.

Outlook: We expect the volatility to persist.


Crude oil prices increased today, shaking off earlier losses on the back of a weak global demand forecast for 2024. Brent crude reached $83.12 per barrel, while West Texas Intermediate (WTI) stood at $78.31 per barrel at the time of reporting. The price of gold increased to $2,011.10 per ounce at the same time.

Outlook: We expect geopolitical tensions to continue to weigh on crude oil prices.