DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,370.5373 (NFEM)
Previous Average = 1,360.4656
Change = -0.7403%
Forex Analysis
It was a week of mild depreciation in the FX market as our naira to dollar moving average fell by about 0.7%. The depreciation was driven by steady dollar demand and weaker oil inflows, not by volatility or speculation. Importers and corporates increased FX demand mid‑week, adding pressure on the naira, while Brent crude prices slipped to $76-$77/bbl, reducing FX inflows from oil revenues. CBN did maintain tight liquidity, thus preventing a sharper depreciation.
Daily Crude Oil Prices
Moving Average = $77.50
Previous Average = $82.73
Change = -6.3218%
Crude Oil Analysis
Yet another bad week for oil prices, 5th in a row, and with our average this time falling by 6.3%. The reasons remain the same: weakening demand from Europe and China, easing geopolitical tensions, steady supply from both OPEC and non-OPEC nations, as well as some profit-taking by oil traders. Seems the price support at $78-$79 from last week could not hold.
NGX Top 10 Gainers for the week closing 26th June 2026
NGX Top 10 Losers for the week closing 26th June 2026
Stock Market Index Activity for the week closing 26th June 2026
Stock Market Index Analysis
Twenty-two (22) equities appreciated in price during the week higher than eleven (11) equities in the previous week. Fifty-seven (57) equities depreciated in price, lower than seventy-eight (78) equities in the previous week, while sixty-seven (67) equities remained unchanged, higher than fifty-seven (57) recorded in the previous week.
There was renewed interest in banking stocks (GTCO, Zenith, First Holdco) as investors positioned for strong half‑year earnings, while thin liquidity and profit‑taking hit micro‑cap names (Trans‑Nationwide, Deap Capital, DAAR). Insurance firms continue to be affected by company-specific fundamentals leading to them being represented on both gainers and losers list again this week.
Below is a sector by sector breakdown of performance for the week June 19 to June 26.
Fixed-Income Analysis
Nigeria’s fixed‑income market was highly active this week, with Treasury Bills dominating secondary market turnover, OMO bills attracting strong institutional demand as well as dominating primary issuance, and Federal Government Bonds seeing steady but lower activity. Yields reflected tight liquidity and investor preference for short‑term instruments.
For Nigerian Treasury Bills (NTBs), the secondary market turnover amounted to roughly ₦1.057 trillion across 436 deals. The most traded instrument was the 1‑year bill maturing June 17, 2027, with 303 trades worth roughly ₦787 billion, with yields for it closing round 20.75%.
In Federal Government (FGN) Bonds, secondary market turnover was roughly ₦197 billion across 94 deals, with the most traded bond being the February 21, 2031 maturity, with 23 trades worth roughly ₦76 billion. Yields for it closed around 17.6% reflecting cautious demand for longer‑term investments.
In OMO Bills, the June 23 auction was heavily oversubscribed with CBN selling 3.2 trillion-naira worth of instruments though it only initially offered 900 billion-naira worth of instruments, underscoring tight liquidity management and appetite for high‑yield short‑term paper. There was activity in the secondary market as well, with turnover roughly ₦595 billion across 111 trades.
Daily Bitcoin Prices
Moving Average = $62,670.4428
Previous Average = $64,697.14
Change = -3.1326%
Bitcoin Analysis
Seems last week was a false dawn. Our bitcoin average is down 3% this week. Interest rate and inflation seemed to have resurfaced causing inflows into bitcoin exchange traded funds (ETFs) to slow. Institutional traders then embarked on profit taking once bitcoin crossed $65,000, thus causing a reversal and this week’s decline.
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