In the absence of any significant inflows, system liquidity opened negative at -₦1,136.83 billion, slightly higher than -₦1,292.21 billion recorded yesterday. Consequently, the Open Repo Rate (OPR) fell by 188 bps to 30.21%, while the Overnight Rate (O/N) declined by 204 bps, to 31.30%.

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

Treasury Bills

Activity in the treasury bills market was less active, as illiquidity restrained real buyside interests. Hence, offers continued to scout for profitable bids, thus, resulting to a handful of trades consummated at the close of market. Overall, market posted a mixed-to-bullish sentiment, as average mid-rate fell by 11bps to settle at 21.25%.

Outlook: We expect the bearish sentiment to resurface tomorrow.

FGN Bonds

The FGN domestic bonds market was stirred slightly bullish today, despite the bearish backdrop. The buying interests was alluded to likely reinvestment from the coupon inflows today. As a result, average mid-yield declined marginally to 18.74%, from 18.75% yesterday.

Outlook: We anticipate a mixed-to-bearish bias tomorrow.


The Eurobonds market extended its bullish sentiment in today’s trading session. Buying interests were seen across the SSA and North African’s curve, although, at a less aggressive pace. At the closing bell, Nigeria’s average mid-yield declined by 8bps to close at 9.85%.

Outlook: We expect a similar trend tomorrow, pending any major catalyst.


Today, the activity in Nigeria’s equity market was generally subdued, displaying a mixed sentiment primarily influenced by the banking sector. Although there was an initial bullish sentiment during the early trading hours, the overall performance leaned towards a bearish bias, as sellers dominated the session. Consequently, the All-Share Index declined by 0.06% to close at 99,845.91 points. The year-to-date return and market capitalization were reported at 33.53% and ₦56.47 trillion, respectively.

Accordingly, total volume and value traded declined by 11.39% and 4.77%, respectively. Further, the banking index fell by 0.63% while the Consumer Goods Index gained 0.14%. The Industrial and Oil & Gas Indices remained unchanged. ACCESSCORP led the total volume charts with 43.98 million units, while GTCO topped the value chart with ₦1.14 billion in value.

Outlook: We anticipate a respite in the near term.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by ₦82.06 (or 7.65%) to $/₦1,154.80 compared to $/₦1,072.74 recorded yesterday.

Outlook: We expect exchange rate to hover at similar bands tomorrow.


Crude oil prices weakened further today as war fears ease after Israel refrains from immediate Iran counterattack. Brent crude fell by 0.22% to $87.09 per barrel, although, WTI appreciated by 0.02% to $82.71 per barrel. In addition, the price of gold increased by 0.31%, to $2,395.80 per ounce.

Outlook: We expect the volatility to persist.