Opening system liquidity stayed in the negative territory at -₦637.75 billion, from -₦537.25 billion reported yesterday. Overall, the Open Repo Rate (OPR) increased by 89 bps to 30.39%, while the Overnight Rate (O/N) increased by 98 bps, to 31.36%.

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

Treasury Bills

The treasury bills market exhibited a bearish backdrop today, despite its calm session. Overall, offers were seen across several papers. To quantify, average mid-yield increased by 285bps to 20.95%.

Outlook: We expect the bearish sentiment to resurface tomorrow.

FGN Bonds

Activity in the FGN domestic bonds market remained subdued with mild interests on select papers, including 2027, 2031, 2034 and 2042 maturities. Nevertheless, average mid-yield stayed at 18.75%.

Outlook: We expect market to trend bearish tomorrow.


The Eurobonds market extended its bearish sentiment in today’s trading session. Selling interests dominated across the SSA and North African’s curve. At the closing bell, Nigeria’s average mid-yield increased by 36bps to close at 10.14%. Angola’s inflation rate increased further to 26.09% in March, from 24.07% in February 2024.

Angola’s inflation rate increased further to 26.09% in March, from 24.07% in February 2024.

Outlook: We expect the bearish sentiment to persist tomorrow.


Trading activities increased in today’s session, with +23.65% and +16.91% uptick in total volume and value traded. Although, sentiment remained bearish, as the All-Share Index fell by 1.04% to settle at 100,717.21 points, while the year-to-date return and market capitalization was reported at 33.70% and ₦56.92 trillion, respectively.

Across the sectors, the Banking, Industrial and Consumer Goods Indices declined by 5.75%, 0.06% and 1.02%, respectively. Meanwhile, the Oil & Gas Index flattened. ACCESSCORP led the total volume charts with 62.93 million units, while GTCO topped the value chart with ₦1.74 billion in value.

Outlook: We expect the bearish trend to resurface tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by ₦12.10 (or 1.07%) to $/₦1,148.14 compared to $/₦1,136.04 recorded yesterday.

Outlook: We expect exchange rate to stabilize in the near term.


Crude oil prices extended its decline today as the U.S. expects a limited response from Israel to an unprecedented air assault by Iran, reducing fears that the Middle East is on the verge of a broader regional war. Brent crude fell by 0.54% to $89.61 per barrel, while WTI decreased by 0.42% to $85.05 per barrel. Although, the price of gold increased by 0.04%, to $2,383.90 per ounce.

Outlook: We expect the volatility to persist.