Opening system liquidity improved to -₦46.39 billion from -₦173.45 billion reported yesterday. Nonetheless, the Open Repo Rate (OPR) increased by 43bps to 28.96%, while the Overnight Rate (O/N) increased by 24 bps to 29.71%. 

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

Treasury Bills

The treasury bills market endured a tepid session today, as players narrowed interests towards the primary market auction. Although, slight buyside interests came in for a few papers around the long end of the curve. At the end of the session, market settled bullish, as average mid-yield fell by 3bps to 19.62%. 

Outlook: We expect momentum to remain less aggressive, given the stability in stop rates at today’s session.

FGN Bonds

The FGN bonds market extended its bullish bias today, albeit, with a calm momentum. At the end of the trading session, the average mid yield remained unchanged at 18.43%. 

Outlook: We expect a similar trend tomorrow.


The Nigerian Equity market witnessed a calm session today, with total volume traded falling by 25.04% and total value traded rising by 9.94%. Due to the weak momentum, the All-Share Index closed flat at 98, 223.97 points, from 98, 228.50 points yesterday. Activity was mostly seen on NESTLE (+3.02%), MTNN (+2.33%), and several tickers in the banking sector. The year-to-date return and market capitalization settled at 31.36% and ₦55.55 trillion, respectively.

The Banking, Industrial and Consumer Goods Indices declined by 1.03%, 0.22%, and 0.27%, respectively, while the Oil & Gas index closed flat. UBA led the total volume charts with 79.98 million units, while MTNN led the value chart with N2.56 billion.

Outlook: We expect market to trade cautiously tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by ₦4.49 (or 0.32%) to $/₦1,421.06 compared to $/₦1,421.06 recorded yesterday.

Outlook: We expect volatility to persist in the interim.


The Eurobond market swayed bearish today, with selling interests observed across the SSA and North African papers. Meanwhile, several speaking engagements by members of Federal Reserve continued to weigh on sentiments. Overall, average mid-yield increased by 10bps to 9.56%. 

Outlook: We expect the volatility to linger.


U.S. crude oil recovered losses after surprise stockpile decline. Brent crude increased by 0.65% to $83.70 per barrel, while WTI increased by 0.83% to $79.03 per barrel. Gold price gained 0.14% to $2,327.40 per ounce.

Outlook: We expect the volatility to persist.