Opening system liquidity plunged further to a negative balance today. Consequently, the Open Repo Rate (OPR) increased by 19 bps to 31.69%, while the Overnight Rate (O/N) increased by 36 bps to 32.28%.

Outlook: We expect interbank rates to remain elevated tomorrow.

Treasury Bills

The treasury bills market had a mixed-to-bearish posture, with selling interest in Jan, Feb, and Mar 2025 bills and mild buying interest observed in the 26 June paper. Overall, the executed volumes were low, and the average mid-rate remained relatively flat at 21.15%.

Outlook: We expect a bearish sentiment to linger.

FGN Bonds

Activity in the local FGN bonds market was quiet, but with a bearish undertone, as average mid-yield soared by 4bps to 18.93%.

Outlook: We expect the bearish theme to resurface tomorrow.


The Nigerian equity market closed bullish today, as the All-Share Index increased by 0.23% to 100,299.48 points. The year-to-date return and market capitalization settled at 34.14% and ₦56.73 trillion, respectively. Market breadth showed a ratio of 1.53x, with 29 advancers and 19 decliners. FIDELITYBK led both the volumes and values chart with 137.64 million and ₦1.42 billion, respectively.

Outlook: We expect the mixed sentiment to persist.

Foreign Exchange
Naira depreciated against the USD by 0.21% to $/₦1,512.61.

Outlook: We expect volatility to persist.


The African Eurobonds market experienced a bullish trend today, with significant interest from buyers across the yield curves. This was supported by the US ADP Employment data, which revealed the addition of 150,000 jobs in June, slightly below the estimated 160,000 and the 157,000 added in May..

At the end of trading, the average mid-yield for the Nigerian curve fell by 5bps to 10.05%.

Outlook: Activity should ease tomorrow, as the United States celebrates Independence.


Today, crude oil prices traded sideways as a significant drawdown in U.S. stockpiles indicated an increase in demand leading up to the Fourth of July. Brent prices rose by 0.23% to reach $86.44, while WTI prices increased by 0.28% to $83.04. Additionally, gold prices rose by 1.67% to $2,372.20 per ounce at the time of this report.

 OutlookWe expect the volatility to persist.