Opening system liquidity remained negative. Thus, the Open Repo Rate (OPR) increased by 8 bps to 32.10%, while the Overnight Rate (O/N) expanded by 21 bps to 32.576%.

Outlook: We expect interbank rates to remain elevated tomorrow.

Treasury Bills

Today, the treasury bills market was calm as participants concentrated on the primary market auction. However, market yields increased, indicating an anticipation of higher stop rates at the auction. The market closed bearish, and the average mid-rate rose by 2 bps to 21.38%.

Outlook: We expect tomorrow’s session to be partly impacted by the NTB auction result and partly driven by the tightness in system liquidity.

FGN Bonds

The local FGN bonds market maintained its bearish bias. As a result, the average mid-yield increased by 8 bps to 19.04%. 

Outlook: We expect the bearish sentiment to persist tomorrow.


Today, the Nigerian equity market closed on a flat note, with the All-Share Index declining by 3.87 points (0.004%) to 99,802.08 points. The year-to-date return and market capitalization settled at 33.47% and ₦56.45 trillion, respectively. FIDELITYBK led both the volumes and values chart with 698.21 million units, and ₦7.21 billion, respectively.

Outlook: We expect the mixed sentiment to persist.

Foreign Exchange

Naira depreciated against the USD by 1.92% to $/₦1,561.98.

Outlook: We expect volatility to persist.


The African Eurobonds market had a mixed to bullish session. The SSA and North African regions closed bullish, while South African papers saw slight selling interests. Overall, the average mid-yield for the Nigerian curve decreased by 8 bps to 9.75%.

Outlook: We expect the bearish sentiment to linger tomorrow.


U.S. crude oil prices rose today as U.S. inventories declined, while OPEC sees solid demand supported by stronger economic growth this year. As a result, Brent prices increased by 1.03% to $85.53, while WTI prices increased by 1.38% to $82.53. Additionally, gold prices rose by 0.10% to $2,365.00 per ounce at the time of this report.

 OutlookWe expect the volatility to persist.