Opening system liquidity stayed negative today. Consequently, the Open Repo Rate (OPR) increased by 631 bps to 31.50%, while the Overnight Rate (O/N) increased by 610 bps to 31.92%.

Outlook: We expect interbank rates to stay elevated tomorrow.

Treasury Bills

The treasury bills market had a mixed to bearish theme today, driven by tight liquidity and mild demand for long dated papers. As a result, average mid-rate increased to 21.15% from 20.47% yesterday.  

Outlook: We expect a bearish bias to persist.

FGN Bonds

The local FGN bonds market also trended bearish, with average mid-yield increasing by 4bps to 18.89%, due to tight system liquidity.

Outlook: We expect the bearish sentiment to linger.


The Nigerian equity market closed bullish today, as the All-Share Index increased by 0.05% to 100,067.77 points. The year-to-date return and market capitalization settled at 33.783% and ₦56.61 trillion, respectively. Market breadth showed a ratio of 0.92x, with 22 advancers and 24 decliners. 

Trading activity was positive, with +33.11% and +10.86%, for the total volume and values traded, respectively. UNIVINSURE led the volumes chart while UCAP led the values chart ₦711.31 billion, respectively.

Outlook: We expect the mixed sentiment to persist.

Foreign Exchange

Naira depreciated against the USD by 0.03% to $/₦1,509.45.

Outlook: We expect volatility to persist.


The African Eurobonds market showed a mixed trend today, with buying interest observed across Nigeria, Angola, and Egypt papers, while Ghana bonds continue to trade lower prices.

Jerome Powell, during his speech in Portugal today, stated that he expects headline inflation to remain between 2% and 2.5% over the next year, and he would consider that a “great outcome”.

At the end of trading, the average mid-yield for the Nigerian curve fell by 11bps to 10.10%.

Outlook: Tomorrow, we expect ADP Employment data and minutes of FOMC’s meeting to drive market sentiment.


Today, crude oil prices showed a mixed trend due to concerns about a potential conflict between Israel and the Iran-backed militia Hezbollah, as well as the possible impact of Hurricane Beryl on Gulf Coast refineries. Brent prices rose by 0.01% to reach $86.61, while WTI prices declined by 0.25% to $83.17. Additionally, gold prices fell by 0.28% to $2,332.40 per ounce at the time of this report.

 Outlook: We expect the volatility to persist.