DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1344.46. (NFEM)
Previous Average = 1,356.9175
Change = +0.9181%
Forex Analysis
The naira continued its climb this week, the 8th in a row. The climb has, as in previous weeks, being supported by CBN reforms, rising reserves, Treasury bill and OMO maturities, and strong remittance inflows. Demand however, has remained high in the parallel market, leading its appreciation to be a lot more uneven. Demand in the parallel market was driven by importers needing FX, families funding overseas obligations, and speculative traders.
Daily Crude Oil Prices
Moving Average = $66.91
Previous Average = $69.02
Change = -3.0571%
Crude Oil Analysis
Our Brent crude moving average fell by about 3% this week. This week’s decline was driven by profit‑taking in the Brent crude oil futures market and steady supply expectations. Prices consolidated in the mid‑$60s, suggesting traders were cautious but not bearish — the market was balancing geopolitical risk premiums against strong supply signals.
NGX Top 10 Gainers for the week closing 20th Feb 2026
NGX Top 10 Losers for the week closing 20th Feb 2026
Stock Market Index Activity for the week closing 20th Feb 2026
Stock Market Index Analysis
Seventy-one (71) equities appreciated in price during the week, lower than seventy-nine (79) equities in the previous week. Forty-one (41) equities depreciated in price, higher than twenty-seven (27) equities in the previous week, while thirty-six (36) equities remained unchanged, lower than forty-two (42) recorded in the previous week.
The Nigerian Stock Exchange (NSE) experienced a bullish week overall, even though the breadth of market activity showed more mixed dynamics compared to the prior week. Despite fewer gainers and more losers, the All‑Share Index (ASI) appreciated by 6.95%, showing that large‑cap stocks drove the rally.
The gainers list was dominated by financials, insurance, consumer goods, and agro‑industrial firms, reflecting strong investor confidence in growth sectors. Large caps like Presco Plc and NASCON Allied Industries Plc contributed significantly to the ASI’s upward momentum.
The losers list included transport, insurance, agriculture, mining, and communications firms, suggesting sector‑specific pressures and profit‑taking in speculative counters.
The ASI’s 6.95% gain indicates that large‑cap stocks outweighed the broader decline in smaller equities, driving overall market performance upward. The increase in the number of losers compared to the prior week shows profit‑taking and sector rotation, but the dominance of large‑cap gainers ensured the index advanced.
Fixed-Income Analysis
This week, Nigeria’s government securities markets were shaped by strong liquidity inflows and robust investor demand, leading to broad‑based yield compression.
In Nigerian Treasury Bills (NTBs), the market ended the week on a mixed note, with modest activity across maturities. Yields eased slightly as liquidity conditions improved, supported by inflows from maturing instruments. Investor appetite remained strong, with stop rates holding in the 15–17% range, reflecting cautious optimism.
In Federal Government Bonds (FGN Bonds), the Debt Management Office (DMO) announced plans to raise ₦800bn through its February bond auction (scheduled for Feb 23), covering 7‑year and 10‑year reopenings. Ahead of the auction, secondary market yields declined across short, mid, and long tenors, signaling cheaper borrowing costs for the government. This rally reflected renewed appetite for naira‑denominated assets despite tight liquidity.
In OMO Bills, February was marked by heavy maturities, with about ₦8.61 trillion in inflows from OMO, NTBs, and bond coupons. On Feb 17, ₦1.87 trillion worth of OMO maturities boosted system liquidity to ₦5.26 trillion, driving down yields. The CBN responded with an OMO auction debit of ₦2.30 trillion to mop up excess liquidity, balancing short‑term rates.
In CBN Bills, bill issuance during the week was part of liquidity management operations, complementing OMO auctions. With strong inflows from maturities, yields on CBN bills also compressed, aligning with NTB and OMO trends. The apex bank’s interventions kept funding rates (OBB ~22.5%, O/N ~22.8%) relatively stable despite the liquidity surge.
Daily Bitcoin Prices
Moving Average = $68,162
Previous Average = $68,490
Change = -0.4789%
Bitcoin Analysis
The bitcoin market was relatively stable this week, after a series of heavy losses from earlier weeks. The week was defined by sideways consolidation: early strength near $69k, a mid‑week dip to $66k, and a late rebound. Daily trading volumes stayed strong (50k–57k BTC equivalent), showing active participation rather than illiquidity. Overall, Bitcoin remained in a tight trading band ($66k–$69k), signaling stability after January’s volatility.
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