System liquidity remained in the negative territory, but slightly better than yesterday, given the coupon inflows and 2024 FGN Bond maturity. Specifically, it opened at -c.₦675.98 billion today compared with -c.₦2,088.11 billion recorded yesterday. Consequently, both the Open Repo Rate and Overnight Rate declined by c.243 bps and c.192 bps, to close at 30.00% and 31.08%, respectively. 

Outlook: We expect the interbank rates to stay elevated.

Treasury Bills

Activity in the treasury bills market was mixed to bullish following yesterday’s NTB auction, as most investors skewed their interests to the long dated papers, particularly Feb and Mar 2025 papers. Bids and offers adjusted lower to c.19.00% levels. Overall, the average mid-rate declined by c.10bps to close at c.16.01%.

Outlook: We expect similar trend tomorrow.

FGN Bonds

The local bonds market was quiet today, although with a bearish backdrop, as players carefully position ahead of next week’s auction. However, the market settled bullish with renewed buyside interest on the Feb 2034 papers at c.19.05%, thus the average mid-yield dipped marginally by c.2bps to close at 17.69%.

Outlook: We expect a mixed to bearish theme tomorrow.


The Eurobonds market traded on a positive note at the early hours of trading, although, with less momentum. Further into the day, the SSA and MENA papers tilted to a mixed to bearish bias amid higher US PPI report. Meanwhile, the US retail sales data was reported lower than forecast at 0.60%. Overall, market settled bearish as average mid-yield increased by 8bps to settle at 9.84%.

Outlook: We expect a similar sentiment tomorrow, pending any significant catalyst.    


The Nigerian equity market closed bullish today, with buyside interests across several tickers. The All-Share Index gained 0.05%, to close at 104,056.21 points, while the year-to-date return and market capitalization settled at 39.16% and ₦58.84 trillion.  

TRANSCORP topped the volume chart with 38.95 million units while NESTLE topped the value charts with ₦1.50 billion. The Banking, Consumer and Industrial Indices appreciated by 0.25%, 0.38% and 0.03%, respectively, while the Oil & Gas Index flattened.

Outlook: We expect the bullish sentiment ease tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by 0.43% (or ₦6.96) to $/₦1,608.98 from $/₦1,615.94 recorded yesterday.

Outlook: We expect the volatility to persist.


Brent crude increased to $85.57 per barrel, while West Texas Intermediate (WTI) printed at $81.52 per barrel at the time of reporting. Similarly, the price of gold surged to $2,181.50 per ounce as of the time of writing.

Outlook: We expect oil prices to remain elevated.