DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,352.3913
Previous Average = 1,362.5273
Change = +0.7439%
Forex Analysis
Our naira to dollar moving average rose by about 0.74% this week, making 5 weeks in a row that it has risen. FX inflows continued to improve throughout the week and speculative demand reduced in the parallel on account of oil price rises. CBN also injected about $252 million into the official market in mid‑August, and also adjusted liquidity rules for banks, which boosted FX turnover and helped the naira strengthen. The spread between official and parallel markets narrowed to about ₦32 to ₦35 per dollar.
Daily Crude Oil Prices
Moving Average = $90.81
Previous Average = $89.21
Change = +1.7935%
Crude Oil Analysis
Our Brent crude average rose by nearly 1.8% this week. This was driven by OPEC+ maintaining production discipline, thus limiting output growth, U.S. crude inventories falling more than expected, reinforcing supply concerns. Global inflation worries and rising demand expectations also lent some support to commodity prices. Finally, tensions in the Middle East, added a risk premium as tanker attacks and threats of an indefinite U.S. naval blockade disrupted oil flows around the Strait of Hormuz.
NGX Top 10 Gainers for the week closing 21st Aug 2026
NGX Top 10 Losers for the week closing 21st Aug 2026
Stock Market Index Activity for the week closing 21st Aug 2026
Stock Market Index Analysis
Eighteen (18) equities appreciated in price during the week, lower than twenty-six (26) equities in the previous week. Fifty-nine (59) equities depreciated in price, same as fifty-nine (59) equities in the previous week, while seventy (70) equities remained unchanged, higher than sixty-two (62) recorded in the previous week.
This week investors were even more cautious compared to last week, the week’s activity reflected macroeconomic pressures and profit‑taking. Rising yields in government securities and FX volatility likely diverted funds away from equities into fixed‑income.
Below is a sector by sector breakdown of performance for the week August 14 to August 21
Fixed-Income Analysis
This week, Nigerian government securities showed strong investor demand: Treasury bills traded actively with stable yields, Federal Government bonds were oversubscribed with yields falling sharply, and OMO bills remained elevated amid secondary market activity.
There were no new Nigerian Treasury Bill (NTB) auctions this week. Secondary market turnover however, was about ₦1.46 trillion according to FMDQ OTC market data, with yields averaging about 18.1%.
The Debt Management Office (DMO) held an auction for Federal Government (FGN) Bonds on August 17. ₦1.10 trillion worth of bonds were offered, subscriptions were on the order of ₦1.73 trillion, with ₦1.56 trillion eventually offered. Primary auction stop rates were 17.15% for the 22.60% FGN January 2035 bond, 17.19% for the 16.2499% FGN April 2037 bond, and 17.79% for the 15.45% FGN June 2038 bond.
Just like with NTBs, there were no new auctions for OMO Bills this week. Secondary market turnover was on the order of ₦1.02 trillion, according to FMDQ OTC weekly trading data with yields averaging 21.3%
Daily Bitcoin Prices
Moving Average = $67,722.10
Previous Average = $63,851.09
Change = +6.0626%
Bitcoin Analysis
Our Bitcoin moving average rose by about 6% this week. This was driven by renewed inflows into Bitcoin Exchange Trade Funds (ETFs) and buying by Hedge funds; optimism around U.S. regulatory clarity as regulators signaled clearer frameworks for crypto custody and stablecoins, reducing uncertainty; and optimistic macro sentiment surrounding global equities and commodities, spilling into crypto.
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