System liquidity remained in the negative territory, opening at -c.₦2,292.06 billion today compared with -c.₦2,221.81 billion recorded last Friday. Consequently, both the Open Repo Rate and Overnight Rate increased by c.87 bps and c.78 bps, reaching 30.69% and 31.78%, respectively. 

Outlook: We expect the interbank rates to stay elevated.

Treasury Bills

The activity in the treasury bills market remained subdued owing to the liquidity constraints and the expectation of another NTB auction scheduled for this week. In general, there was minimal trading activity, with only a few trades observed on 06 June 2024, 13 June 2024, and 06 Mar 2025 papers. By the end of the market session, the average mid-rate rose to 16.11%.

Outlook: We expect tomorrow’s trading session to be quiet.

FGN Bonds

Today’s session in the FGN local bonds market was subdued, marked by a bearish tone due to the notable deficit balance in the financial system. Consequently, the average mid-yield widened by c.2bps to reach 17.99%.

Outlook: We expect the bearish sentiment to persist tomorrow, while players anticipate the release of the FGN bonds auction notice.  


During today’s session, the Eurobonds market exhibited a bearish sentiment, indicating market pessimism regarding the upcoming key US inflation data scheduled for tomorrow. Selling interests prevailed across African peers, leading to Nigeria’s average yield increasing by 15 basis points (bps) to conclude at 9.73%.

Outlook: Tomorrow’s market is anticipated to be heavily influenced by the US CPI data, which is expected to be the focal point. At the time of writing, the market anticipates that the y/y CPI data will stay unchanged, while the m/m core CPI is predicted to experience a slight decrease.  


The Nigerian stock market posted a bullish performance, supported by multiple stocks in positive territory compared to decliners (with 34 gainers versus 16 decliners). Consequently, the All-Share Index (ASI) saw a rise of 0.70% to settle at 102,044.84 points, while the year-to-date return and market capitalization settled at 36.47% and ₦57.29 trillion, respectively.

Market activity concluded with a mixed performance, showing a 22.00% increase in trading volume but a decline of -13.98% in total value traded. UCAP dominated the volume charts with 92/87 million units traded, while UNILEVER led in terms of value traded with ₦11.65 billion. The Banking, Industrial, and Consumer Indices experienced gains of 2.00%, 0.11%, and 1.09%, respectively, whereas the Oil & Gas Index recorded a decrease of 0.23%.

Outlook: We expect the bullish sentiment to linger tomorrow, albeit less aggressively.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 0.58% (or ₦9.44) to $/₦1,617.96 from $/₦1,627.40 recorded last Friday.

Outlook: We expect the volatility to persist.


Oil prices continued its decline from the previous week in anticipation of significant inflation and crude data releases. Brent crude dropped to $82.18 per barrel, while West Texas Intermediate (WTI) fell to $77.94 per barrel at the time of reporting. In contrast, the price of gold surged to $2,191.20 per ounce as of the time of writing.

Outlook: We expect oil prices to remain elevated.