Opening system liquidity remained positive today. However, the Open Repo Rate and Overnight Rate increased by c.143 bps and c.80 bps to 23.00% and 23.94%, respectively.

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

Treasury Bills

The treasury bills market traded actively today, with bargain hunting on several papers, particularly around the long end of the curve. Although, overall sentiments remained bearish. At the closing bell, the average mid-rate increased by c.61 bps to settle at 15.80%.

Outlook: The mixed to bearish bias is expected to persist.

FGN Bonds

The FGN local bonds market exhibited a calm session today, with minimal activity around several papers, including 2027s, 2038s, and 2053s papers. During the session, selling interests displayed stronger momentum. Consequently, market closed bearish, and the average mid-yield increased by 3bps to settle at 17.40%.

Outlook: We expect some sideways activity at tomorrow’s session.


The outcome US Core PCE Index (Fed’s preferred inflation measure) was at par with market estimate. However, it implies an increase in inflation when compared to the preceding period. Accordingly, market reacted with selling interests across the curve. At the close of market, Nigeria’s average mid-yield increased by 2bps to close at 9.80%.

Outlook: We expect a similar performance tomorrow.


The Nigerian equity market partly rebounded today, as some investors bought into the pull-back, particularly in the banking sector (+6.14%). At the close of the session, the All-Share Index (ASI) appreciated by 0.72% to settle at 99,980.30 points, with the year-to-date return easing to 33.71% and total market capitalization valued at ₦54.70 trillion.

Trading activity was positive with +37.03% and +49.27% in total volume and value traded, respectively. UBA led both the volume chart with 93.71 million units and the values chart with ₦2.08 billion. The Consumer Goods and Oil & Gas Indices declined by 0.19% and 0.33%, respectively, while the Industrial Goods Index flattened.

Outlook: We expect a similar performance tomorrow.  

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 0.89% (or ₦14.40) to $/₦1,595.11 from $/₦1,609.51 recorded yesterday.

Outlook: We expect the volatility to persist.


Oil on pace for monthly gain as OPEC+ expected to extend cuts, inflation rises as expected. Brent crude reached $83.72 per barrel, while West Texas Intermediate (WTI) stood at $78.56 per barrel at the time of reporting. Gold hits 1-month high at $2,055.10 per ounce as dollar dips after U.S. PCE data.

Outlook: We expect oil prices to remain elevated.