DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,383.14 (NFEM)
Previous Average = 1384.36
Change = +0.0881%
Forex Analysis
The naira was rather stable this week, appreciating marginally and trading within a narrow band against the dollar. The stability was significantly aided by CBN interventions in the market, particularly through OMO operations. A rule introduced by CBN to channel more remittances through the CBN window also helped improve stability. Importers and businesses, however continued to demand dollars, but interventions limited volatility. Higher oil receipts helped narrow the gap between official and parallel rates, keeping the spread between ₦42–₦62 per USD across the week.
Daily Crude Oil Prices
Moving Average = $102.55
Previous Average = $104.72
Change = -2.0722%
Crude Oil Analysis
Our Brent crude average fell by about 2%, a modest correction reflecting a shift from earlier geopolitical risk‑driven highs toward more balanced fundamentals.
Prices dipped toward $97–98 early in the week as traders reassessed the likelihood of actual supply disruptions. Profit‑taking and easing fears of escalation drove the correction.
Brent rebounded slightly to around $101–102, showing resilience as demand outlooks remained firm and OPEC+ supply discipline provided support.
NGX Top 10 Gainers for the week closing 2nd Apr 2026
NGX Top 10 Losers for the week closing 2nd Apr 2026
Stock Market Index Activity for the week closing 2nd Apr 2026
Stock Market Index Activity for the week closing 2nd Apr 2026
Stock Market Index Analysis
Twenty-nine (29) equities appreciated in price during the week, lower than forty-seven (47) equities in the previous week. Fifty-seven (57) equities depreciated in price, higher than forty-five (45) equities in the previous week, while sixty-two (62) equities remained unchanged, higher than fifty-six (56) recorded in the previous week.
The All-Share Index (ASI), however, rose by 0.39% this week, strongly suggesting that a few large cap gains were behind the rise, out weighing dozens of small cap declines.
The top 10 gainers list suggested that investors rotated into consumer goods, industrials, and logistics, sectors seen as resilient and better positioned to withstand liquidity tightening, while losses concentrated in financials, insurance, and smaller industrial/tech names, sectors more vulnerable to liquidity mop‑ups, investor caution and profit-taking.
Fixed-Income Analysis
This week in the fixed-income markets was marked by high participation, lower yields on short‑term paper, and aggressive liquidity mop‑ups.
In Nigerian Treasury Bills (NTBs), Investors submitted over ₦2.7 trillion in bids for one‑year securities. Stop rates for 91-day bills remained steady at 15.95%, for 182‑day bills, they were cut by 20bps to 16.42%, and for 364‑day bills, they were cut by 20bps to 16.43%. The CBN leveraged excess liquidity (₦8 trillion+) to lower borrowing costs while maintaining strong demand.
In Federal Government Bonds (FGN Bonds), investors maintained interest in medium‑ to long‑tenor bonds. Bid Rates ranged between 15% and 21%, depending on tenor. Yields settled around 15.95–16.72%, showing stability compared to prior weeks. Investors balanced inflation concerns with attractive yields, keeping demand robust.
In OMO Bills, the CBN withdrew nearly ₦4.11 trillion (≈US$3 billion) from the system through dual OMO auctions to rein in inflationary pressures and stabilize FX markets. Short‑term yields remained elevated, but liquidity tightening helped anchor the naira in the official FX window.
In CBN Bills, high subscription levels reflected investor appetite for risk‑free instruments amid uncertainty. This helped smooth volatility in money markets and supported naira stability.
Daily Bitcoin Prices
Moving Average = $66,929.41
Previous Average = $67,714.3
Change = -1.1591%
Bitcoin Analysis
Our Bitcoin average fell by slightly over 1%. Traders who rode the rally to $69k in the prior week took profits, creating downward pressure. Spot Bitcoin ETF inflows slowed compared to earlier in March, reducing institutional momentum. A stronger U.S. dollar and corrections in commodities (like Brent crude) weighed on speculative demand.
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