Money Market

System liquidity stayed in the negative at -₦549.57 billion slightly higher than -₦618.07 billion recorded yesterday. Nonetheless, the Open Repo Rate and Overnight Rate increased by c.191 bps and c.246 bps to 25.46% and 26.71%, respectively.

Outlook: We expect rates to stay elevated in the interim.

Treasury Bills

Activity in the treasury bills market was mixed, with sideways interest observed on long-dated maturities, particularly 20 Feb 2025. Overall, the executed volumes were few and far between, as investors also kept a close eye on the interest rate decision by the MPC today. Thus, the average mid-rate closed relatively flat, settling at 14.81%.

Outlook: We expect market to trend bearish tomorrow, given the aggressive tightening move by the CBN.

FGN Bonds

The FGN local bond market witnessed a calm session as well, with mild interests seen on Feb 2034 and 2053 papers. Consequently, the average mid-yield increased slightly by 2bps to settle at 17.23%.

Outlook: We expect bond yields to retrace higher amid the recent MPC decision.


The Eurobonds market started the session on a weak note, through mid-day. Afterwards, activity tilted bearish across African curves, albeit, at a less aggressive pace. Consequently, Nigeria’s average mid-yield increased by 2bps to close at 9.65%.

Outlook: The speaking engagements by Fed’s officials and US GDP report should impact activity tomorrow.


The Nigerian equity market lost c. ₦772.97 billion, following selling pressure on FBNH (-10.00%), MTNN (-9.94%), NASCON (-7.73%) and UBA (-5.46%). To give more perspective, the All-Share Index (ASI) shed 1.39% to settle at 100,582.89 points, with the year-to-date return easing to 34.52% and total market capitalization valued at ₦55.04 trillion.

Trading activity was negative compared to yesterday’s session, with -4.71% and -8.96% in total volume and value traded, respectively. TRANSCORP led the volume chart with 44.4 million units while NASCON led the values chart with ₦893.68 billion. The Banking Sector lost 3.35%, while Industrial and Consumer Goods Indices lost 0.05% and 0.17%, respectively. Meanwhile, the Oil & Gas index flattened.

Outlook: We expect a similar momentum tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by 2.09% (or ₦33.02) to $/₦1,615.94 from $/₦1,582.92 recorded yesterday.

Outlook: We expect the volatility to persist.


Crude edges higher on supply concerns as shipping disruptions continue Brent crude reached $83.28 per barrel, while West Texas Intermediate (WTI) stood at $78.45 per barrel at the time of reporting. The price of gold increased to $2,042.10 per ounce at the same time.

Outlook: We expect oil prices to remain elevated.