DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,378.1410 (NFEM)
Previous Average = 1,370.5373
Change = -0.5548%
Forex Analysis
The naira traded against the dollar with relative stability this week, with our moving average only showing a marginal depreciation. A rise in external reserves helped keep the naira stable but as a result of corporates and importers end of month obligations, demand still outweighed supply. The spread between the official and parallel rates narrowed to roughly ₦20–₦25 per dollar.
Daily Crude Oil Prices
Moving Average = $72.92
Previous Average = $77.50
Change = -5.910%
Crude Oil Analysis
Oil prices continue to fall, the 6th week in a row, and this time, our average is down by almost 6%. The reasons are pretty much the same. Rising output from OPEC+ members and resilient U.S. shale production creating downward pressure, slowing industrial activity in Europe and Asia, inflation and interest fears causing commodities markets to be skittish. The slowing industrial activity is tied to seasonal demand lulls in Europe and credit policy tightening in China.
NGX Top 10 Gainers for the week closing 3rd July 2026
NGX Top 10 Losers for the week closing 3rd July 2026
Stock Market Index Activity for the week closing 3rd July 2026
Stock Market Index Analysis
Twenty-two (22) equities appreciated in price during the week same as twenty-two (22) equities in the previous week. Fifty-seven (57) equities depreciated in price, same as fifty-seven (57) equities in the previous week, while sixty-seven (67) equities remained unchanged, same as sixty-seven (67) recorded in the previous week.
After reading the previous paragraph, you can be forgiven for thinking that we were stuck in time. There are however, changes from last week as investors did engage in sector rotation which saw telecoms, tech, and insurance (select names) attract inflows, while consumer goods and insurance laggards saw sell‑offs. FX volatility, inflationary pressures, and high yields in fixed income markets kept equities under pressure.
Below is a sector by sector breakdown of performance for the week June 26 to July 03.
Fixed-Income Analysis
It was an extremely active week for government securities.
Secondary market turnover for Nigerian Treasury Bills (NTBs) reached ₦1.51 trillion. Peak activity occurred on Thursday, July 2, with ₦1.06 trillion in trades. Secondary market indicative yields were roughly 15-16% for 91-day NTBs, 17-18% for 182-day NTBs and 19-20% for 364-day NTBs. Most demand clustered around the 364‑day paper, where yields were near 20%.
Turnover for Federal Government Bonds (FGN) were ₦1.20 trillion across the week. The market closed strongly on Friday, July 3, with ₦487.91 billion in trades — the highest daily bond turnover. Despite this, market sentiment was bearish as rising yields indicated falling prices as investors demanded higher returns amid inflation and tight monetary conditions.
OMO bills saw the most action. Secondary turnover reached ₦3.07 trillion. There were fresh auctions on June 29 and 30. Total allotments on each day were roughly ₦1.1 trillion and ₦947 billion respectively, with primary auction stop rates ranging between 20-21%, and secondary market indicative yields ranging 19-22%.
Daily Bitcoin Prices
Moving Average = $59,953.60
Previous Average = $62,670.4428
Change = -4.3351%
Bitcoin Analysis
Another bad week for bitcoin. Our average down by roughly 4% this week. The market saw a rather sharp drop on June 30, triggered by institutional outflows from Exchange trade Funds (ETFs) but saw a partial recovery by July 2, as net accumulation resumed late in the week.
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