DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1365.59 (NFEM)
Previous Average = 1347.49
Change = -1.3432%
Forex Analysis
Our naira to dollar moving average fell by about 1.3% this week. The CBN’s ability to intervene this week in the FX markets was by limited by the fact that foreign reserves fell to about $48.37 billion whilst dollar demand remained strong for imports, overseas tuition, and corporate obligations.
The spread the between the official and parallel rates reduced as the parallel rate, which had been trading between ₦1,450–₦1,500/$ earlier in April), corrected downward to between ₦1,388–₦1,405/$ by May 1.
Daily Crude Oil Prices
Moving Average = $110.45
Previous Average = $99.52
Change = +10.9827%
Crude Oil Analysis
Our Brent moving average jumped by nearly 11% this week. Escalating conflict in the Middle East raised concerns about disruptions in crude shipments through the Strait of Hormuz. As a result, traders priced in a risk premium, pushing crude oil futures higher.
Also, OPEC+ continued production restraint tightened global supply. Furthermore, a weaker U.S. dollar midweek made crude more attractive to non-dollar buyers.
NGX Top 10 Gainers for the week closing 30th Apr 2026
NGX Top 10 Losers for the week closing 30th Apr 2026
Stock Market Index Activity for the week closing 30th Apr 2026
Stock Market Index Analysis
Fifty-two (52) equities appreciated in price during the week, higher than forty-six (46) equities in the previous week. Fifty-three (53) equities depreciated in price, same as fifty-three (53) equities in the previous week, while forty-one (41) equities remained unchanged, lower than forty-seven (47) recorded in the previous week.
The market this week was driven by strong institutional inflows, and optimism around industrials and agro stocks. BUA Cement, Lafarge Africa, CAP Plc, Beta Glass, Industrial & Medical Gases all benefited from infrastructure demand and investor rotation into industrials. Zichis Agro Allied, Livestock Feeds gained from government focus on food security and rising demand for agro-allied products.
Even though banking overall gained, some big names like UBA and Access Holdings saw sell-offs as investors locked in profits after prior rallies. Breweries (International Breweries) and pharmaceuticals (Neimeth) faced margin pressures, rising costs, and weak earnings outlooks, making them unattractive in the short term. Royal Exchange, Trans-Nationwide Express, Deap Capital were hit by low investor confidence and thin liquidity.
Fixed-Income Analysis
The CBN conducted auctions for Nigerian Treasury Bills (NTBs) this week. Yields edged higher, reflecting persistent inflationary pressure and strong demand for short-term instruments. Banks and institutional investors favored NTBs as a hedge against naira weakness, driving oversubscription at the shorter tenors (91-day, 182-day).
In Federal Government Bonds, secondary market trading was relatively quiet, but yields ticked upward in the mid- to long-tenor bonds (5–10 years). Rising inflation expectations and naira depreciation pushed investors to demand higher returns. As a result, bonds prices softened slightly, with yields widening by 20-30 basis points.
As is typical, the CBN issued OMO bills to mop up excess liquidity from the banking system. Demand was strong, especially from foreign portfolio investors seeking naira-denominated returns amid high yields. As a result, OMO yields remained elevated, reinforcing the CBN’s tightening stance.
Issuance of CBN special bills continued this week, mainly targeted at banks to manage liquidity. These bills helped sterilize excess cash in the system, reducing pressure on the FX market. Rates stayed high, aligning with the CBN’s broader monetary policy tightening.
Daily Bitcoin Prices
Moving Average = $77,355.32
Previous Average = $76,708.59
Change = +0.8431%
Bitcoin Analysis
Our bitcoin moving average rose marginally by about 0.85% this week. The markets were relatively stable this week, though bitcoin Exchange Traded Funds (ETFs) and custodial products continued to attract inflows, providing a floor under prices.
Bitcoin became relatively attracted this week, as global equities markets stabilized and the dollar softened midweek.
There was also some profit-taking midweek as traders locked in gains after the Apr 28 peak, leading to the modest pullback by Apr 30–May 1.
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