Opening system liquidity plunged further into the negative territory, following the c.₦1.06 trillion OMO bills allotment at last week’s close. To provide context, system liquidity opened at -₦1,593.09 billion, from -₦93.57 billion last Friday. However, the Open Repo Rate and Overnight Rate declined by c.28 bps and c.70 bps to 26.88% and 27.49%, respectively.

Outlook: We expect the interbank rates to stay elevated.

Treasury Bills

The treasury bills market stirred bearish today. Noticeably, selling interests lingered on the long end of the treasury bills curve, as well as the OMO papers amidst tight market liquidity. Consequently, the average mid-rate increased by c.10 bps to settle at 17.16%.

Outlook: The bearish sentiment is expected to persist, even as activity remain less active.

FGN Bonds

The FGN local bonds sustained its bearish momentum across board, as market continued to digest the recent rate hike by the Central Bank of Nigeria. Activity blistered around some select papers, but with only a few trades consummated. As a result, market closed bearish, and the average mid-yield increased by 5bps to settle at 17.55%.

Outlook: We expect the bearish theme to persist tomorrow.


The Eurobonds market endued a bullish bias in today’s session, given the surge in crude oil prices amidst OPEC+ decision to extend output cut till mid-year. Thus, buyside interests was seen across board, including SSA and MENA papers. At the close of market, Nigeria’s average mid-yield declined by 15bps to close at 9.54%.

Outlook: We expect the bullish sentiment to resurface tomorrow.


The Nigerian equity market settled on a positive note today, mostly driven by the rally on TRANSCORP (+9.94%) and GEREGU (+2.35%), despite selloffs seen on DANGSUGAR (-10.00%), NASCON (-8.55%), and MTNN (-7.82%). Thus, the All-Share Index (ASI) appreciated by 0.10% to settle at 98,847.89 points, with the year-to-date return easing to 32.20% and total market capitalization valued at ₦55.89 trillion.

Trading activity was positive with +16.87% and +193.76% in total volume and value traded, respectively. TRANSCORP led both the volume chart with 203.43 million units and the values chart with ₦3.19 billion. The Banking and Consumer Goods Indices declined by 0.46% and 1.20%, respectively, while the Industrial Goods Index gained 1.58%. The Oil & Gas Index flattened.  

Outlook: We expect momentum to ease tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by 0.92% (or ₦14.06) to $/₦1,548.25 from $/₦1,534.19 recorded last Friday.

Outlook: We expect the volatility to persist.


Oil prices edge higher after OPEC+ extends voluntary oil output cuts until mid-year. Brent crude reached $83.24 per barrel, while West Texas Intermediate (WTI) stood at $79.36 per barrel at the time of reporting. Gold lingers near two-month peak as bets build for June U.S. rate cut. As of print time, Gold Price hit $2,126.70 per ounce.

Outlook: We expect oil prices to remain elevated.