DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,380.5084
Previous Average = 1,373.4658
Change = -0.5128%
Forex Analysis
Our naira to dollar moving average fell by about 0.5% this week, despite aggressive interventions by CBN in the market this week by selling dollars directly to banks and authorized dealers. Likely drivers of this week’s market movement include persistent dollar demand from importers, manufacturers and corporates; season travel demand as well to do families travel for the summer holidays, international students secure placements in foreign schools, and business travel for mid‑year corporate conferences and trade fairs. The spread between the official and parallel rates was on average about ₦40/$.
Daily Crude Oil Prices
Moving Average = $81.08
Previous Average = $74.37
Change = +9.0225%
Crude Oil Analysis
Our Brent crude moving average rose by roughly 9%. This was driven by a host of factors, including geopolitical tensions in the Middle East that raised fears of supply disruptions; a strong summer travel season boosting jet fuel demand; OPEC+ signaling production cuts slated to start in August; mid-week dollar weakness making oil attractive to non-US buyers and larger‑than‑expected crude stock draws reported by the US Energy Information Administration (EIA) reinforcing bullish sentiments, among others.
NGX Top 10 Gainers for the week closing 17th July 2026
NGX Top 10 Losers for the week closing 17th July 2026
Stock Market Index Activity for the week closing 17th July 2026
Stock Market Index Analysis
Forty-four (44) equities appreciated in price during the week, lower than sixty (60) equities in the previous week. Thirty-five (35) equities depreciated in price, higher than twenty-eight (28) equities in the previous week, while sixty-seven (67) equities remained unchanged, higher than fifty-eight (58) recorded in the previous week.
The market showed a mixed performance, with a weaker bullish momentum when compared to last week. Banking stocks (Fidelity, UBA, Stanbic) rallied on strong H1 earnings expectations and investor rotation into financials. Real estate and mortgage‑linked plays (Nigeria REIT, LivingTrust, Abbey Bank) benefited from stable interest rate outlook. Infrastructure debt fund demand reflected appetite for alternative yield instruments.
Industrial stocks (BUA Cement, PZ Cussons, Cadbury) faced selling pressure amid cost concerns and weaker consumer demand. Logistics and leasing firms (Red Star, C&I Leasing, Caverton) were hit by rising fuel costs and FX volatility. Insurance and smaller cap plays saw profit‑taking after prior gains.
Fixed-Income Analysis
This week generally experienced stable activity across Treasury Bills, Federal Government Bonds, and OMO bills.
In Nigerian Treasury Bills (NTBs) the Debt Management Office (DMO) conducted a primary market auction. ₦600 billion (₦100bn each for 91‑day & 182‑day, ₦400bn for 364‑day) worth of bills were offered. Total subscriptions amounted to ₦3.034 trillion (i.e. a bid‑to‑offer ratio of about 5.06x). ₦1.191 trillion of bills were eventually allotted. Investors overwhelmingly chased the 364‑day bill (₦2.87 trillion demand vs ₦400bn offered), showing preference for locking in higher yields at the long end. Primary auction stop rates were as follows:
91‑day: 16.30% (unchanged from prior auction).
182‑day: 16.50% (unchanged from prior auction).
364‑day: 17.66% (down 4bps from prior auction).
In Federal Government Bonds (FGN), secondary market activity dominated trading. Bond yields remained stable, with mild buying interest in mid‑tenor maturities (5–10 years). This was driven by investor preference for duration amid expectations of controlled inflation, and foreign portfolio inflows supporting demand for benchmark bonds. As a result, benchmark 10‑year yields eased slightly, reflecting confidence in fiscal stability and CBN’s FX interventions.
In OMO bills, CBN conducted a primary market auction. ₦600 billion (₦200bn each for 8‑day, 99‑day, 127‑day) worth of bills were offered. Total subscriptions amounted to ₦2.55 trillion (about 4.25x oversubscribed). ₦2.54 trillion (full allotment across tenors) were eventually allotted. Primary auction stop rates were as follows:
8‑day: 21.89%.
99‑day: 20.49%.
127‑day: 20.17%.
Demand concentrated in the 127‑day tenor (₦1.85 trillion bids, about 73% of total), reflecting investor preference for slightly longer short‑term paper with attractive yields. This was so because banks and institutional investors often prefer maturities that balance yield with liquidity. The 127‑day tenor is short enough to avoid locking funds for too long, but long enough to provide attractive returns compared to ultra‑short 8‑day paper.
Daily Bitcoin Prices
Moving Average = $63,911.47
Previous Average = $63,317.76
Change = +0.9377%
Bitcoin Analysis
Out Bitcoin moving average rose by a marginal 0.94% this week. This was caused by a number of factors including softer US inflation data boosted risk appetite slightly; the mid-week dollar weakening lending support to crypto demand; steady, though not spectacular inflows into bitcoin Exchange Traded Funds (ETFs), and a stable regulatory environment among others.
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