DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1347.49 (NFEM)
Previous Average = 1,353.43
Change = +0.4389%
Forex Analysis
Our naira to dollar moving average rose for the 4th week in a row, although the naira consistently weakened against the dollar throughout the week. This apparent paradox can be explained by the fact that the naira traded within a significantly narrower band when compared to last week, thus showing a stability this week consistent with CBN intervention activity, though there were no news reports to confirm this.
The progressive weakening was a result strong dollar demand pressures and limited to satiate this demand through official channels. This led to a widening of the spread between official and parallel market rates, with the gap hovering between ₦40–₦70/$.
Daily Crude Oil Prices
Moving Average = $99.52
Previous Average = $95.05
Change = +4.703%
Crude Oil Analysis
Our Brent crude moving average rose by about 4.7% this week. Key drivers of this price movement include stalled talks between the U.S. and Iran that raised fears of prolonged supply disruptions. There were also reports of U.S. naval enforcement actions in the Strait of Hormuz further heightened risk premiums. Shipping activity through the Strait of Hormuz, a critical energy chokepoint, has slowed to a trickle.
Supply shortfalls also contributed to an upward price trajectory, as global oil supply fell sharply in March and April, with OPEC+ output down nearly 9.4 mb/d month-on-month. Speculative buying by oil traders also reinforced upward momentum as fears of scarcity spread.
NGX Top 10 Gainers for the week closing 24th Apr 2026
NGX Top 10 Losers for the week closing 24th Apr 2026
Stock Market Index Activity for the week closing 24th Apr 2026
Stock Market Index Analysis
Forty-six (46) equities appreciated in price during the week, lower than sixty-one (61) equities in the previous week. Fifty-three (53) equities depreciated in price, higher than thirty-six (36) equities in the previous week, while forty-seven (47) equities remained unchanged, lower than forty-nine (49) recorded in the previous week.
The market this week a cautious tone to it. Trading volumes were moderate, suggesting cautious positioning ahead of earnings season.
There was good news for consumer staples and industrial goods, as they saw renewed demand, possibly linked to expectations of stronger Q2 earnings. Agro-allied firms also benefited from seasonal demand and investor rotation into food-related stocks.
Financial sector weakness dominated this week, with mortgage and microfinance banks facing liquidity concerns. Insurance stocks also saw profit-taking after earlier rallies.
Overall, the market had a bearish tilt, with more decliners than gainers.
Fixed-Income Analysis
This was a rather subdued week for government securities.
In Nigerian Treasury Bills (NTBs), yields on short-tenor bills (91-day, 182-day) remained relatively stable, while longer-tenor bills (364-day) edged higher. Demand from banks and institutional investors was moderate, as well as retail participation being cautious. Investors demanded slightly higher returns due to inflationary pressures and naira weakness in the parallel market.
In Federal Government Bonds, secondary market trading was subdued, with yields on benchmark 10-year and 20-year bonds rising marginally. There was a preference for shorter maturities this week. Long-dated bonds faced weak demand.
The CBN conducted selective OMO auctions to mop up excess liquidity. Yields were slightly higher than NTBs, reflecting their role as liquidity sterilization tools. Banks participated actively, but overall subscription levels were moderate, showing cautious liquidity positioning.
Issuance of CBN special bills continued, primarily targeted at banks to manage liquidity. Rates were stable, with yields aligned to policy rates. These bills acted as a monetary policy anchor, keeping short-term rates from falling too low despite FX pressures.
Daily Bitcoin Prices
Moving Average = $76,708.59
Previous Average = $74,259.95
Change = +3.2974%
Bitcoin Analysis
Our Bitcoin moving average rose by about 3.3% this week. The week was marked by volatility but ultimately showed resilience, as prices climbed back toward the $77-$78K level after dipping below $74K earlier in the period.
The reasons for the resilience include improved global risk appetite as equity markets stabilized, which supported crypto demand. Investors rotated back into Bitcoin as a hedge against inflation and currency volatility.
There was also the fact that institutional flows remained steady, with Exchange Traded funds (ETFs) and large exchanges reporting net inflows.
Finally, there were no major negative regulatory headlines during the week, which helped sentiment.
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