Opening System liquidity improved today from -₦153.52 billion recorded yesterday to ₦478.97 billion today. Consequently, the Open Repo Rate (OPR)  and  Overnight Rate (O/N) declined by 9 bps and 8bps to 31.32% and 32.00%, respectively.

Outlook: We expect interbank rates to increase tomorrow.

Treasury Bills

The treasury bills market remained calm, albeit with a bearish bias, as attention shifted towards the OMO auction. The CBN offered OMO bills worth ₦500.00 billion, with total subscriptions amounting to ₦903.78 billion. The CBN sold ₦500.00 billion, in line with the offer size, with approximately 99% of the sales skewed to the long-dated paper. There were no bids on the short-term paper, and the stop rates for the medium- and long-dated papers decreased by 10bps and 15bps to 19.64% and 22.34% respectively, compared to the previous auction. Overall, the average mid-rate increased by 23bps to 20.48%.

In other news, the DMO released the Q3 2024 NTB Issuance calendar today, with a total size of ₦1.56 trillion expected to be issued between June and August 2024. (Please see attached)

Outlook: We expect a mixed sentiment tomorrow

FGN Bonds

The local FGN bonds displayed a muted theme, with minimal interests on the 2034, 2037 and 2038 maturities. Overall, market closed relatively bullish, as the average mid-yield decreased by 2bps to 18.50%.

Outlook: We expect similar session tomorrow.


The Nigerian stock market had another bullish trading day, with buyers dominating across multiple stocks. Market breadth remained positive at 2.07x, with 31 advancers and 15 decliners. The All-Share Index rose by 0.44% to close at 98,818.04 points. The year-to-date return and market capitalization were at 32.16% and ₦55.90 trillion, respectively. Total volume and value of trades decreased by 7.27% and 27.60%, respectively.

Additionally, the Banking, Industrial Goods, and Consumer Goods sectors rose by 2.30%, 0.08%, and 0.85%, respectively, while the Oil & Gas index remained unchanged. ABBEYBDS led the volume charts with 230.35 million units, while ACCESSCORP led the values chart with ₦1.39 billion.

Outlook: We expect similar trend tomorrow.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by ₦155.77 (or 13.27%) to $/₦1,329.65 compared to $/₦1,173.88 recorded yesterday.

Outlook: We expect volatility to persist.


Today, the African Eurobond market showed a bearish trend ahead of the release of US GDP and PCE Price Index data. At the close of the session, the market closed bearish, with the average mid-yield of Nigeria’s curve increasing by 5 basis points to 9.90%.

Outlook: We expect sentiment to be impacted by the US Q1’24 GDP data tomorrow.


Oil prices ranged today, ahead of market expectation for output cut to remain in place. Brent oil dropped by 0.77% to $83.56 per barrel, while WTI decreased by 0.71% to $79.26 per barrel. Additionally, the price of gold fell by 0.77% to $2,360.90 per ounce at the time of writing.

Outlook: We expect the volatility to persist.