Opening system liquidity decreased to -₦945.95 billion from -₦863.04 billion yesterday, pushing the Open Repo Rate (OPR) up by 121 bps to 31.46% and causing the Overnight Rate (O/N) to increase by 99 bps to 32.07%.

Outlook: We expect interbank rates to stay elevated tomorrow.

Treasury Bills

The treasury bills market maintained a cautious trading bias today due to the MPC meeting. However, yields drifted upward as the closing bell approached, in response to the MPC’s interest rate hike to 26.25% from 24.75%. As a result, the average mid-rate increased by 30 bps to 19.98%.

Outlook: Given the recent rate hike, we anticipate a bearish posture tomorrow, including a likely uptick in stop rates at the auction, where the DMO would be offering treasury bills worth about ₦508.98 billion.

FGN Bonds

The local FGN bonds had a quiet start to today’s trading session. However, the market ended on a bearish note as rates moved higher in response to the MPC’s policy decisions. Consequently, the average mid-yield increased by 23bps to 18.46%.

Outlook: We expect a bearish bias in tomorrow’s session.


At the start of today’s session, the Nigerian stock market showed a slight bearish bias with reduced aggression. However, the market turned bullish due to buyside interest in NESTLE (+9.76%), ZENITHBANK (+2.20%), and GTCO (+0.13%). The All-Share Index appreciated by 0.11% to close at 98,285.33 points, with the year-to-date return and market capitalization settling at 31.44% and ₦55.59 trillion, respectively.

Total volume and value trades declined by 45.05% and 23.02%, respectively. The Banking and Consumer Indices increased by 0.16% and 0.79%, while the Industrial and Oil & Gas Goods Indices remained flat. GTCO led both the volume and value charts with 40.64 million units and N1.62 billion, respectively.

Outlook: We expect a mixed sentiment tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) appreciated by ₦3.31 (or 0.23%) to $/₦1,465.68 compared to $/₦1,468.99 recorded yesterday.

Outlook: We expect volatility to persist.


The Eurobonds market showed a mixed theme, with some buying activity on select papers from Nigeria, Ghana, and Egypt. On the other hand, Angola remained fully offered, as investors continued to trade sentiments around the recent interest rate hike. Towards the close of market, sellers pared back gains in the Nigerian papers. Overall, the average mid-yield of Nigeria’s curve increased slightly by 1 bp to close at 9.60%.

Outlook: We expect the mixed trend to persist, while players anticipate the minutes of last FOMC meeting.


Oil prices drifted lower but remained stuck in a narrow range as the market struggled to find catalysts. Brent oil dropped by 0.74% to $83.09 per barrel, while WTI fell by 0.63% to $79.30 per barrel. Additionally, the price of gold decreased by 0.21% to $2,433.10 per ounce at the time of writing.

Outlook: We expect the volatility to persist.