The opening system liquidity balance fell into a deficit of -₦175.14 billion from the previous ₦514.517 billion recorded last Friday. As a result, the Open Repo Rate (OPR) rose by 102 bps to 25.19%, while the Overnight Rate (O/N) increased by 82 bps to 25.82%.

Outlook: We expect interbank rates to nudge higher tomorrow.

Treasury Bills

The treasury bills market was less active today. As a result, market closed flat as average mid-rate remained at 20.47%.

Outlook: We expect a bearish session tomorrow.

FGN Bonds

The local FGN bonds market was also quiet today, although, with slight sell interest. Thus, the market closed relatively bearish, as the average mid-yield increased ,marginally by 1bp to 18.85%.

Outlook: We expect the bearish sentiment to linger.


The Nigerian equity market closed bearish today, as the All-Share Index decreased by 0.04% to 100,020.83 points. The year-to-date return and market capitalization settled at 33.76% and ₦56.58 trillion, respectively. Market breadth showed a ratio of 2.71x, with 20 advancers and 28 decliners.

Trading activity was negative, with -46.11% and -62.44%, for the total volume and values traded, correspondingly. UCAP led both the volumes and values chart with 26.63 million units and ₦737.25 billion, respectively.

Outlook: We expect the mixed bias to persist.

Foreign Exchange

FMDQ’s Nigeria’s Autonomous Foreign Exchange Market (NAFEX) depreciated by ₦3.69 (or 0.25%) to $/₦1,508.99 compared to $/₦1,505.30 recorded last week Friday.

Outlook: We expect volatility to persist.


The African Eurobonds market experienced a bearish bias today. Consequently, the Nigerian curve ended the session on a bearish note, as average mid yield increased by 18bps to 10.21%.

Outlook: Tomorrow, we expect Jerome Powell’s speech and Job Openings to impact market sentiment.


Today, there was a bullish sentiment in the crude oil market, as Brent prices increased by 1.65% to reach $86.40, and WTI prices rose by 1.85% to $83.05. Meanwhile, gold prices fell by 0.05% to $2,338.50 per ounce at the time of writing.

Outlook: We expect the volatility to persist.