DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,345.2872
Previous Average = 1,352.3913
Change = +0.5253%
Forex Analysis
Our Naira to Dollar moving average has now risen for like the 6th week in a row. Rising external reserves continue to be a factor. It had risen to about $53.3 billion by August 27, an 18 year high. This and continued CBN interventions, have led to stronger confidence in Nigeria’s FX position. The spread between official and parallel rates however, widened to about ₦68/$ as persistent demand for cash dollars for imports, tuition, and travel kept parallel rates elevated.
Daily Crude Oil Prices
Moving Average = $90.99
Previous Average = $90.81
Change = +0.1982%
Crude Oil Analysis
Our Brent crude moving average rose for the 3rd week in a row, this time by a marginal 0.2%. The up and down nature of the daily pricing reflected a tug‑of‑war between supply concerns and macroeconomic sentiment.
OPEC+ reaffirmed production discipline, keeping supply tight, while U.S. crude inventories fell slightly, supporting prices early in the week. The dollar strength mid‑week pressured commodities, pushing Brent below $89, but risk‑on sentiment in equities and crypto limited downside.
Middle East tensions also kept a risk premium in play, preventing a deeper sell‑off.
NGX Top 10 Gainers for the week closing 28th Aug 2026
NGX Top 10 Losers for the week closing 28th Aug 2026
Stock Market Index Activity for the week closing 28th Aug 2026
Stock Market Index Analysis
Twenty-four (24) equities appreciated in price during the week, higher than eighteen (18) equities in the previous week. Fifty-five (55) equities depreciated in price, lower than fifty-nine (59) equities in the previous week, while sixty-eight (68) equities remained unchanged, lower than seventy (70) recorded in the previous week.
The Nigerian equities market showed mixed but slightly positive breadth, with more gainers than the previous week and fewer losers. It was a week of cautious optimism, with selective buying in growth sectors and defensive selling in overbought names.
Below is a sector by sector breakdown of performance for the week August 21 to August 28
Fixed-Income Analysis
Nigerian government securities this week, saw strong investor demand across Treasury Bills, FGN Bonds, and OMO Bills. Treasury Bills and OMO auctions were heavily oversubscribed, allowing the CBN to cut stop rates, while secondary market turnover for FGN bonds was robust, fueled by settlement of ₦1.56tn allotments from the Aug 17 auction.
In Nigerian Treasury Bills, there was an auction on August 26. ₦700bn (₦100bn each for 91‑day & 182‑day, ₦500bn for 364‑day) worth of securities were offered. Subscriptions were on the order of ₦3.79tn (over 5x offer), while allotments were about ₦638.19bn despite the oversubscription. DMO/CBN likely capped allotments to control liquidity and prevent yields from rising. Primary auction stop rates were as follows:
- 91‑day: 16.30% (unchanged)
- 182‑day: 16.50% (unchanged)
- 364‑day: 17.15% (cut from 17.59%)
In Federal Government (FGN) Bonds, trading volumes in the secondary market increased as investors who secured allotments at the Aug 17 auction settled positions and others adjusted portfolios. Market reports indicated robust activity in benchmark bonds (2035, 2037, 2038 maturities), with turnover concentrated in longer‑dated instruments. The secondary market turnover itself was estimated to be about ₦1.02 trillion. Market yields were as follows:
- Jan 2035 Bond: ~17.15% (down from 18.34% in July)
- Apr 2037 Bond: ~17.19% (down from 18.35% in July)
- Jun 2038 Bond: ~17.79% (down from 18.40% in July)
In OMO Bills, there was an auction that also held on August 26. About ₦1tn (97‑day & 132‑day bills) worth of securities were offered. Subscriptions were on the order of ₦4.26tn (over 4x offer), while allotments were on the order of ₦2.80tn, as CBN took the opportunity to mop up liquidity. The strong demand also enabled CBN to reduce nominal stop rates, which were as follows:
- 97‑day: 19.90% (down from 20.39%)
- 132‑day: 19.65% (down from 20.01%)
Daily Bitcoin Prices
Moving Average = $78,569.75
Previous Average = $67,722.10
Change = +16.0179%
Bitcoin Analysis
Bitcoin surged this week, as our moving average jumped by a whopping 16%. This was due to a number of factors including:
- Large asset managers increased allocations to Bitcoin Exchange Traded Funds (ETFs) and futures, boosting liquidity.
- U.S. regulators signaled clearer frameworks for crypto custody and trading, reducing uncertainty.
- Global equities rallied, risk appetite improved, and crypto benefited as investors rotated into higher‑beta assets.
- Bitcoin broke resistance near $78,500, triggering algorithmic buying and short covering.
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