System liquidity opened positively today at ₦345.29 billion, a significant increase from the -₦79.51 billion reported yesterday. Overall, the Open Repo Rate (OPR) decreased by 124 bps to 27.94%, while the Overnight Rate (O/N) declined by 132 bps to 28.50%.

Outlook: We expect interbank rates to increase tomorrow.

Treasury Bills

The treasury bills market showed mixed sentiment, particularly for the longer-dated papers. It then eased to a bearish theme, as rates rose following the announcement of the OMO auction. The CBN offered a total of ₦250.00 billion across the 105-Day, 189-Day, and 357-Day papers, with about 94% of the total subscription skewed towards the long-dated paper. The CBN allotted ₦513.95 billion worth of OMO bills, which was ₦5 billion below the total subscription value. Stop rates across the three tenors were 18.74%, 19.59%, and 22.33%, respectively, slightly lower than the previous stop rates. Overall, the market closed bearish, with the average mid-rate increasing by 19bps to 20.43.%.

Outlook: We expect a mixed posture tomorrow.

FGN Bonds

The local FGN bond market remained less aggressive despite a mixed-to-bearish bias, particularly for select papers such as 2037, 2049, and 2053 maturities. The overall market closed bearish, with the average mid-yield increasing by 3bps to 18.52%.

Outlook: We expect the mixed sentiment to resurface tomorrow.


The Nigerian stock market closed bearish today, after a calm start. Tickers in the consumer goods sectors like NB (+10.00%), PRESCO (+9.99%) and HONYFLOUR (+1.67%) were the key advancers. Although, the selloffs on UBA (-4.11%), WEMABANK (-3.57%), and ZENITHBANK (-3.03%) drove the pull back. The market breadth showed a ratio of 0.77x (17 advancers to 22 decliners).

The All-Share Index declined by 0.07% to close at 99,051.02 points, and the year-to-date return was at 32.47%, with the market capitalization at ₦56.03trillion. Trading activity was mixed, with 0.63% decline in total volume traded and 46.19% increase in total value traded.

The Banking and Oil & Gas Indices lost 1.45% and 0.78%, respectively, while Consumer Goods Index gained 0.36%. The Industrial Goods Index flattened. VERITASKAP led the volume charts with 59.17 million units traded, while AIRTELAFRI topped the value charts with ₦2.43 billion in trades.

Outlook: We expect the mixed trend to persist.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange (NAFEM) depreciated by ₦0.83 (or 0.06%) to $/₦1,476.95 compared to $/₦1,476.12 recorded yesterday.

Outlook: We expect volatility to persist.


The Eurobonds market started off on a calm note. However, market leaned towards a bearish theme, spilling across both the SSA and North African regions.  Meanwhile, the U.S Job openings for April was reported lower at 8.1 million, from 8.4 million openings in the preceding month. Overall, the average mid-yield increased by 9bps to settle at 9.68%.

Outlook: We expect market to continue to trade sideways in the interim.


Crude oil price fell extending a recent losing streak to erase most of its gains for the year after OPEC+ announced plans to increase production starting in October. Brent crude decreased by 1.54% to $77.15 per barrel, while WTI fell by 1.66% to $72.99 per barrel. The price of gold decreased by 0.99% to $2,345.90 per ounce at the time of writing.

Outlook: We expect the volatility to persist.