Opening System liquidity stayed negative at -₦403.58 billion compared to -₦549.24 reported yesterday. Nonetheless, the Open Repo Rate (OPR) increased by 88 bps to 30.21%, while the Overnight Rate (O/N) increased by 33 bps to 31.00%.

Outlook: We expect interbank rates to hover at similar levels tomorrow.

Treasury Bills

The treasury bills market traded calmly today, albeit with a slightly bearish undertone. At the end of the session, the average mid-rate remained relatively unchanged at 19.26%. 

Outlook: We expect activity to trade calmly tomorrow.

FGN Bonds

The FGN local bonds market experienced a subdued session characterized by prevalent buying interest across select maturities. Despite this, the market concluded with minimal movement, as the average mid-yield held steady at 18.63%.

Outlook: We anticipate a mixed sentiment tomorrow.


Today, Nigerian equities closed on a bullish note, primarily driven by buying interest in FBNH (+6.94%). Consequently, the All-Share Index rose by 0.35% to conclude at 98,225.63 points, with the year-to-date return and market capitalization settling at 31.36% and ₦55.36 trillion, respectively.

Overall trading activity showed improvement, with total volume traded increasing by 99.18% and total value traded rising by 193.52% compared to the previous day. However, all indices closed in negative territory. The Banking and Consumer Goods sectors saw gains of 1.70% and 1.10%, respectively, while the Industrial and Oil & Gas indices experienced declines of 0.35% and 0.34%, respectively. GTCO led both the total volume and total value charts, recording 245.46 million units traded and ₦7.95 billion in value trade.

Outlook: We expect market to remain mixed.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by ₦28.15 (or 1.98%) to $/₦1,390.96 compared to $/₦1,419.11 recorded yesterday.

Outlook: We expect volatility to linger.


The African Eurobonds market began the session with uncertainty. By mid-day, as investors prepared for tomorrow’s interest rate decision by the Federal Reserve, sentiment turned negative. Consequently, the average mid-yield on Nigerian Eurobonds increased by 18 bps, reaching 9.85% at the close.

Outlook: We expect players to trade cautiously tomorrow.


U.S. crude oil dipped below $82 a barrel following disappointing inflation and manufacturing data. Consequently, Brent crude decreased by 0.61% to $87.84 per barrel, and WTI experienced a 1.06% drop to $81.76 per barrel. In contrast, gold prices declined by 2.18% to $2,306.90 per ounce.

Outlook: We expect the volatility to persist.