DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1368.44 (NFEM)
Previous Average = 1365.59
Change = -0.2087%
Forex Analysis
Our naira to dollar moving average fell for the 2nd week in a row, albeit marginally by roughly 0.2%. The naira however was appreciating throughout the week, strong suggestion of active liquidity management by CBN.
Oil revenue inflows and remittances boosted confidence in the official window, but importers and businesses kept dollar demand strong, limiting further naira gains.
The parallel market traded in a narrow ₦1,385–₦1,400/$ band, showing unusual stability. The spread with the official market narrowed further, discouraging speculative activity and round-tripping.
Daily Crude Oil Prices
Moving Average = $109.41
Previous Average = $110.45
Change = -0.9416%
Crude Oil Analysis
Our Brent crude moving average to fall by 0.9% this week. There were significant price swings this week, with the per barrel price spiking to about $114 on May 4th before easing to roughly $100 towards the end of the week.
The week’s activity is largely believed to be driven by speculative positioning, OPEC+ supply signals, and profit‑taking. Oil traders had built-up long positions that led to the May 4th spike citing geopolitical tensions and OPEC+ production discipline, but news of possible softer demand in Asia led to the unwinding of those positions and prices falling to about $100.
NGX Top 10 Gainers for the week closing 8th May 2026
NGX Top 10 Losers for the week closing 8th May 2026
Stock Market Index Activity for the week closing 8th May 2026
Stock Market Index Analysis
Sixty-nine (69) equities appreciated in price during the week, higher than fifty-two (52) equities in the previous week. Thirty-six equities depreciated in price, lower than fifty-three (53) equities in the previous week, while forty-one (41) equities remained unchanged, same as than forty-one (41) recorded in the previous week.
The Nigerian equities market showed stronger bullish sentiment compared to the previous week, with more gainers and fewer losers, reflecting improved investor confidence and selective sector rotation.
CAP PLC & Berger Paints were beneficiaries of construction sector optimism, boosted by government infrastructure spending and strong Q1 earnings. Industrial/auto sector saw speculative buying as investors rotated into cyclical plays. Strong quarterly results and resilient consumer demand drove investor confidence in Dangote Sugar.
Aviation sector faced selling pressured from FX costs and rising operating expenses. Consumer staples faced margin compression from inflation and weaker discretionary spending affecting the likes of Guinness. The banking sector saw selective profit‑taking after prior gains.
Fixed-Income Analysis
The Debt Management Office (DMO) conducted routine Nigerian Treasury Bill (NTB) auctions, with strong subscription levels across short‑tenor bills. Banks and institutional investors favored NTBs as a safe haven amid FX uncertainty. They provided liquidity management for banks, with rollover demand ensuring smooth issuance. Marginal rates remained stable, reflecting confidence in government debt and limited inflationary pressure. Yields were ~11–12% for 91-day bills, ~12–13% for 182-day bills, and ~14% for 364-day bills.
Federal Government Bond (FGN) auctions attracted solid subscriptions, particularly in the 10‑year and 20‑year tenors. Investors sought long‑term stability, balancing FX volatility with predictable coupon payments. Yields held steady. For 10 year bonds, yields hovered around 14.5–15%, supported by strong institutional demand. Yields were slightly higher, in the 15–15.5% range, for 20-year bonds, reflecting the premium investors require for longer maturities. Yields for 30‑year bonds were around 15.5–16%, consistent with Nigeria’s yield curve structure, where long‑dated paper trades at a modest premium to mid‑tenor bonds.
CBN actively issued OMO bills to mop up excess liquidity. These contained inflationary pressures and stabilized the naira by reducing speculative demand for dollars. Banks subscribed heavily, preferring OMO bills for short‑term liquidity management. Their issuance helped narrow the gap between official and parallel FX markets.
CBN bills complemented OMO operations, targeting specific liquidity sterilization. Marginal yields remained attractive, ensuring strong uptake. Their issuance reinforced monetary policy stance, signaling CBN’s commitment to naira stability.
Daily Bitcoin Prices
Moving Average = $79,652.42
Previous Average = $77,355.32
Change = +2.9695%
Bitcoin Analysis
Our Bitcoin moving average rose by almost 3%. This was partly driven by accumulation of bitcoin by large investors (often referred to as “whale accumulation”). Other drivers include structural factors affecting bitcoin exchange reserves that limited immediate sell pressure and tightened supply.
Macro sentiments also played out such that despite global headwinds, long‑term holders accumulated, creating a foundation for stability. Analysts noted this phase resembled past cycle bottoms.
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