DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,353.43 (NFEM)
Previous Average = 1381.08
Change = +2.0021%
Forex Analysis
Our FX moving average rose by about 2%, making it 3 weeks in a row it has risen. Key drivers for this week’s activity include strategic injections by CBN as well as clearing of FX backlogs to help balance supply and demand. Reduced pressure from importers compared to earlier in April also played a part in allowing the naira to firm up.
The parallel market settled around ₦1,410/$ (sell) and ₦1,390/$ (buy), showing a narrower spread compared to earlier weeks.
Daily Crude Oil Prices
Moving Average = $95.05
Previous Average = $102.97
Change = -7.6916%
Crude Oil Analysis
Our Brent crude moving average fell by roughly 8% this week. The fall in price was partly precipitated by higher output from some OPEC+ members, particularly Iraq and Nigeria, which added barrels to the market despite earlier commitments to production discipline. Also U.S. Energy Information Administration (EIA) data showed a larger‑than‑expected build in crude inventories mid‑week, signaling weaker demand and pushing prices lower.
Global demand itself seemed to take a dip as economic data from China pointed to slower industrial activity, raising doubts about near‑term crude demand growth.
Easing Middle East geopolitical tensions also played their part in this week’s fall. News of ceasefire talks and diplomatic breakthroughs, caused risk premiums to collapse and thus lower global oil prices.
NGX Top 10 Gainers for the week closing 17th Apr 2026
NGX Top 10 Losers for the week closing 17th Apr 2026
Stock Market Index Activity for the week closing 17th Apr 2026
Stock Market Index Analysis
Sixty-one (61) equities appreciated in price during the week, higher than twenty-five (25) equities in the previous week. Thirty-six (36) equities depreciated in price, lower than fifty-four (54) equities in the previous week, while forty-nine (49) equities remained unchanged, lower than sixty-seven (67) recorded in the previous week.
The Nigerian equities market experienced a notable rebound in breadth and sentiment this week, reflecting a broad‑based improvement in investor confidence, with gains spread across multiple sectors. Partly responsible for the boosted investors’ confidence were CBN’s tightening measures, which stabilized FX markets.
The rebound in breadth suggests investors were positioning for earnings season and responding positively to macro stability signals.
Financials, insurance, and energy stocks attracted inflows (though a few insurance firms were victims of profit-taking after prior gains), while consumer goods and industrials saw profit‑taking.
Fixed-Income Analysis
This week, Treasury bills and Federal Government (FGN) bonds attracted strong subscriptions at relatively high yields, while OMO and CBN bills were used aggressively by the Central Bank to drain liquidity, tightening money market conditions.
The CBN conducted auctions across 91‑day, 182‑day, and 364‑day maturities for Nigerian Treasury Bills (NTBs). Subscriptions were very strong, with over ₦2.5 trillion bids for the 364‑day tenor. Successful bid rates ranged 15%–21%, with marginal rates around 15.95%–16.72%. Investors showed preference for longer tenors, reflecting appetite for higher yields amid inflation concerns.
The April 15th FGN bond auctions particularly for 10‑year and 20‑year maturities. Bid rates clustered around 16%–18%, reflecting investor expectations of tight monetary conditions. Investors sought safety in sovereign debt, balancing between short‑term bills and longer‑dated bonds.
The CBN conducted large OMO auctions on April 9 and April 14, mopping up about ₦4.48 trillion from the system. Banks’ opening balances fell sharply, tightening liquidity and pushing short‑term yields higher. Cautious trading dominated, with OMO bills quoted around 21.8%–22%, reflecting high yields demanded for liquidity absorption.
April 14 auctions of CBN bills saw significant uptake, reinforcing the CBN’s tightening stance. They helped stabilize the naira by reducing speculative FX demand, but raised short‑term funding costs for banks.
Daily Bitcoin Prices
Moving Average = $74,259.95
Previous Average = $70,889.72
Change = +4.7542%
Bitcoin Analysis
Our Bitcoin average rose by about 5% this week. Key drivers include:
- Net inflows into Bitcoin Exchange Traded Funds (ETFs), this week, signaling renewed institutional interest.
- A softer U.S. inflation boosted risk appetite, encouraging investors to rotate into crypto assets.
- Global liquidity remained supportive, with easing dollar strength making Bitcoin more attractive to non‑U.S. investors.
- Retail traders re‑entered the market, chasing momentum as Bitcoin broke resistance levels.
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