System liquidity improved significantly today, opening at -₦74.33 billion compared to -₦403.58 billion reported on Tuesday. Consequently, the Open Repo Rate (OPR) declined by 258 bps to 27.63%, while the Overnight Rate (O/N) also contracted by 258 bps to 28.42%.

Outlook: We expect interbank rates to stay at close range levels.

Treasury Bills

The treasury bills market expressed a bearish bias in today’s session, with notable interests around the long-dated papers. Overall, activity was clam, despite the 27bps increase in average mid-rate to 19.53%. 

Outlook: We expect momentum to ease tomorrow.

FGN Bonds

In today’s session, the FGN local bonds market traded bullish, albeit, at a less aggressive pace. Most activities were observed on the New Mar 2027, and Feb 2034 papers amongst others. At the end of the session, as the average mid-yield declined by 6bps to settle at 18.57%.

Outlook: We expect the bullish trend to spill into tomorrow’s session.


The Nigerian equities recovered some of its losses today, with all sectorial indices closing in the green, particularly tickers like PRESCO (+10.00%), DANGSUGAR (+9.90%), CONOIL (+8.05%) and GTCO (+7.03%). Consequently, the All-Share Index appreciated by 0.55% to settle at 98,762.78 points, with the year-to-date return and market capitalization settling at 32.08% and ₦55.86 trillion, respectively.

Overall trading activity was mixed, with 20.46% uptick in total volume traded and 62.86% decline in the total value traded. Zooming in, the Banking and Consumer Goods sectors appreciated by 3.20% and 0.58%, respectively, while the Industrial and Oil & Gas indices gained 0.01% and 0.95%, respectively. ABBEYBDS led the total volume traded with 362.82 million units, while ACCESSCORP led the total value traded at ₦954.62 billion. 

Outlook: We expect market to remain mixed.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by ₦11.71 (or 0.84%) to $/₦1,402.67 compared to $/₦1,390.96 recorded on Tuesday.

Outlook: We expect volatility to linger.


Today, the African Eurobonds market bounced back with increased buying interests across the curve. This followed yesterday’s selloffs just before the FOMC’s meeting. With the Fed Chair Powell indicating that U.S. rates are likely to remain high for an extended period, the market shifted to a bullish theme. While Powell acknowledged the loss of momentum in the inflation fight, he ruled out additional increases. As a result, the average mid-yield dropped by 14 bps, from 10.00% to 9.86%.

Outlook: We expect the US Job report to impact market sentiment tomorrow.


Crude oil bounces after hitting 7-week low on surging U.S. petroleum inventories, on softening demand. Consequently, Brent crude increased by 0.06% to $83.48 per barrel. Although, the WTI declined by 0.28% drop to $78.78 per barrel. Similarly, gold prices declined by 0.09% to $2,309.10 per ounce.

Outlook: We expect the volatility to persist.

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