DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,332.0279
Previous Average = 1,345.2872
Change = +0.9856%
Forex Analysis
This is the 7th week in a row that our naira to dollar moving average has risen, this time by almost 1%. External reserves continue to rise as a result of inflows from remittances and exporters. Interbank turnover also rose significantly, showing improved liquidity. The rates in both the official and parallel markets rose but that of the official markets rose much faster and hence as a result the spread between the official and parallel rates widened to about ₦82–₦86 per dollar.
Daily Crude Oil Prices
Moving Average = $92.80
Previous Average = $90.99
Change = +1.9892%
Crude Oil Analysis
Oil prices continue to gain, as our Brent crude average rose for the 4th week in a row. OPEC+ continued to maintain supply discipline, as production cuts were maintained, thus tightening supply. U.S. and Asian demand remained strong, offsetting recession fears. Data from the Energy Information Administration (EIA) showed declining US crude stockpiles, reinforcing bullish sentiment. Geopolitical risks continue to add a premium to prices.
NGX Top 10 Gainers for the week closing 4th Sept 2026
NGX Top 10 Losers for the week closing 4th Sept 2026
Stock Market Index Activity for the week closing 4th Sept 2026
Stock Market Index Analysis
Fifty-six (56) equities appreciated in price during the week, higher than twenty-four (24) equities in the previous week. Thirty-five (35) equities depreciated in price, lower than fifty-five (55) equities in the previous week, while fifty-six (56) equities remained unchanged, lower than sixty-eight (68) recorded in the previous week.
The Nigerian equities market was broadly positive, with more gainers than losers, reflecting improved investor sentiment and liquidity inflows. Gains were concentrated in insurance, breweries, and agro‑allied stocks, reflecting sectoral optimism and liquidity inflows. Losses were concentrated in industrial, publishing, and transport stocks, reflecting weaker demand and profit‑taking. There was retail speculation in small caps, while the sector rotation into insurance and breweries, was of the institutional kind.
Below is a sector by sector breakdown of performance for the week August 28 to September 04
Fixed-Income Analysis
This week reflected a mix of cautious optimism and liquidity management in government securities, with yields adjusting slightly downward as the naira strengthened and FX reserves improved. Strong liquidity in the banking system, foreign portfolio inflows, and easing of inflation expectations were some of the drivers of this week’s activity.
In Nigerian Treasury Bills (NTBs), and auction held on September 2nd. The amount offered was ₦700 billion (₦100bn – 91‑day, ₦100bn – 182‑day, ₦500bn – 364‑day). Subscriptions were on the order of ₦3.35 trillion (≈4.8x oversubscription), with allotments around ₦865.71 billion (above offer size). Primary auction stop rates were as follows:
- 91‑day: 16.30% (unchanged from Aug 26).
- 182‑day: 16.50% (unchanged from Aug 26).
- 364‑day: 16.84% (down from 17.15% at Aug 26 auction, a 31bps cut).
Investors overwhelmingly favored the 364‑day bill, accounting for about 97% of subscriptions. The stop rate decline marked the second consecutive cut, signaling easing yields.
In Federal Government (FGN) Bonds, there were no auctions held this week but secondary market turnover was about ₦171.54 million across 46 deals, with average yields on benchmark tenors easing slightly, reflecting improved liquidity and stronger FX reserves. The turnover fell sharply as investors rotated into equities, particularly banking stocks. Overall average yield across the curve was about 16.8% for the week.
In OMO Bills, there was an auction on September 1st. ₦400 billion was offered. Subscriptions were about ₦512 billion, and allotments were ₦400 billion (matched offer size). The primary auction stop rates were as follows:
- 95‑day: 16.45% (unchanged from last auction).
- 180‑day: 16.65% (slightly down from 16.70%).
- 365‑day: 17.05% (unchanged).
OMO auctions were used to mop up excess liquidity. Rates remained broadly stable, with only a marginal decline in the 180‑day tenor.
Daily Bitcoin Prices
Moving Average = $78,303.66
Previous Average = $78,569.75
Change = -0.3387%
Bitcoin Analysis
Our Bitcoin average fell by about 0.34% this week. The week reflected profit‑taking, cautious liquidity, and macro headwinds, with institutional inflows providing support toward the end of the week. Thin weekend trading amplified volatility, keeping averages subdued. A stronger dollar and rising U.S. yields pressured crypto early in the week. Hedge funds and (Exchange Traded Funds) ETFs added exposure late in the week, fueling the Sep 3 rally.
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