DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,366.4021
Previous Average = 1,368.44
Change = +0.1489%
Forex Analysis
Our naira to dollar moving average rose marginally by 0.1489%. CBN interventions continued this week with the issuance of OMO bills, helping absorb excess naira liquidity, and reduce speculative demand for dollars.
The spread between the official and parallel market narrowed to about ₦15–25, reflecting improved supply in the official market. Importers, travelers, and small businesses continued to source FX in the parallel, but demand was tempered by CBN’s liquidity tightening.
Compared to last week, there seems to have been improvement on the supply side, with improved oil receipts and remittances, though CBN’s demand management also played a role.
Daily Crude Oil Prices
Moving Average = $104.87
Previous Average = $109.41
Change = -4.1495%
Crude Oil Analysis
Our Brent crude average fell by about 4.2% this week. While there had been escalating tensions in the Middle East this week, reports of increased OPEC+ output and higher U.S. crude exports offset fears of disruption in the Strait of Hormuz.
Demand softness in Asia also contributed to an overall downward pressure on the price per barrel.
NGX Top 10 Gainers for the week closing 15th May 2026
NGX Top 10 Losers for the week closing 15th May 2026
Stock Market Index Activity for the week closing 15th May 2026
Stock Market Index Analysis
Seventy-four (74) equities appreciated in price during the week, higher than sixty-nine (69) equities in the previous week. Twenty-four (24) equities depreciated in price, lower than thirty-six (36) equities in the previous week, while forty-eight (48) equities remained unchanged, higher than forty-one (41) recorded in the previous week.
This week, the Nigerian equities market reflected a broad‑based positive sentiment, with more stocks appreciating than in the prior week. Below is a sector by sector breakdown of performance for May 8 – 15, 2026.
Below is a table of the sector trends in the last month:
Fixed-Income Analysis
Nigerian government securities saw strong demand this week across Nigerian Treasury Bills (NTBs), Federal Government of Nigeria (FGN) Bonds, and Open Market Operations (OMO) Bills, leading to yield compression. No new CBN Bills were issued, as liquidity was managed through OMO auctions. Activity in NTBs and FGN Bonds was in secondary market trading.
There was strong demand for NTBs from banks and institutional investors, pushing prices up and yields down. Yields fell 30-60 basis points from yields set at the May 6th auction (~11-14%).
Mid‑curve FGN bonds in the secondary market, saw modest yield declines as investors sought safety amid FX volatility.
May 12 OMO auctions were heavily oversubscribed. Yields fell to ~20–21.5%. Banks locked in liquidity, reducing naira chasing dollars.
There was no issuance of CBN Bills this week. Liquidity sterilization was handled via OMO Bills.
In general, there was more demand for Nigerian government securities this week compared to last week, though the major activities differed. Last week was dominated by the May 6 NTB auctions while this week was dominated by secondary market trading in NTBs and FGN Bonds, and by OMO auctions.
Daily Bitcoin Prices
Moving Average = $80,840.03
Previous Average = $79,652.42
Change = +1.4910%
Bitcoin Analysis
Our Bitcoin average rose by about 1.5% this week. I just noticed that it has also been rising for the past 6 weeks. Factors responsible for this (among other factors) sustained rally include:
Institutional demand: – Pension funds, Exchange Trade Funds (ETFs), and corporate treasuries increased allocations, providing steady inflows.
Regulatory clarity: – Positive signals from U.S. and EU regulators reduced uncertainty, encouraging broader participation.
Macro backdrop: – Concerns about inflation and currency weakness in emerging markets boosted Bitcoin’s appeal as a hedge.
Liquidity rotation: – With equities facing profit‑taking and commodities like Brent crude correcting, some capital rotated into crypto.
Bitcoin’s rise reflects both structural demand growth and short‑term market positioning, making the rally more durable than a speculative spike.
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