DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,323.1152
Previous Average = 1,332.0279
Change = +0.6691%
Forex Analysis
Our naira to dollar moving average has risen for the 8th week in a row, by 0.7% this time. FX inflows driven by rising oil prices continue to push up external reserves, now above $54 billion. The stability in the official market strongly implied sustained CBN intervention in the FX markets. The naira strengthened in the parallel market as well, though the spread remained roughly the same as last (about ₦82–86 per dollar).
Daily Crude Oil Prices
Moving Average = $98.74
Previous Average = $92.80
Change = +6.0049%
Crude Oil Analysis
This is the 5th week in a row our Brent crude moving average has risen and this time by a very significant 6%. Fresh military strikes on Iranian targets by the US near the Strait of Hormuz disrupting oil flow that represents about a tenth of global oil production; OPEC+ supply discipline keeping supply constrained despite earlier commitments to add about188,000 barrels/day in September; falling U.S. and European stockpiles, signaling strong demand and tightening balances, and a weaker dollar encouraging commodity buying.
NGX Top 10 Gainers for the week closing 11th Sept 2026
NGX Top 10 Losers for the week closing 11th Sept 2026
Stock Market Index Activity for the week closing 11th Sept 2026
Stock Market Index Analysis
Nine (9) equities appreciated in price during the week, lower than fifty-six (56) equities in the previous week. Eighty (80) equities depreciated in price, higher than thirty-five (35) equities in the previous week, while fifty-eight (58) equities remained unchanged, higher than fifty-six (56) recorded in the previous week.
The market was broadly bearish, with far fewer gainers compared to the prior week and a sharp rise in the number of decliners. Rising oil prices supported energy stocks, but high yields in fixed‑income markets (NTBs, OMO) diverted liquidity away from equities. There was a preference for defensive plays (exchange, energy, fintech) while cyclical and speculative names faced heavy profit‑taking.
Below is a sector by sector breakdown of performance for the week September 04 to September 11
Fixed-Income Analysis
Nigeria’s fixed‑income market showed strong demand for short‑term government securities this week, with Treasury bill and OMO auctions oversubscribed and yields falling, while Federal Government bonds traded mixed but with a slight downward bias at the mid‑to‑long end.
The Nigerian Treasury Bills (NTB) auction took place on September 9. ₦750bn worth of NTBs were offered, with subscriptions on the order of ₦2.64trn, and ₦1.05trn eventually allotted. The 364‑day stop rate fell to 16.62% (third consecutive cut, down 97bps since Aug 26). Shorter tenors (91‑day, 182‑day) saw weak demand, with stop rates steady at 16.30% and 16.50% respectively.
In Federal Government (FGN) Bonds, there were no auctions but the secondary market turnover was about ₦1.02 trillion across trades in benchmark FGN bonds. The liquidity drivers were large inflows from OMO and NTB maturities, and coupon payments on select FGN bonds. There was heavy participation from banks and institutional investors, with preference for longer tenors. Average yields fell about 9bps week‑on‑week to 16.59%.
In OMO Bills, there was an auction on September 8. ₦1trn worth of bills were offered, subscriptions were on the order of ₦6.31trn with ₦4.40trn eventually allotted. Yields were generally below 20%
- 84‑day: 19.14%
- 147‑day: 18.49%
- 154‑day: 18.41%
Despite ₦3trn OMO maturities injecting liquidity mid‑week, the CBN sterilized excess cash through heavy allotments, keeping money‑market rates firm.
Daily Bitcoin Prices
Moving Average = $79,010.25
Previous Average = $78,303.66
Change = +0.9024%
Bitcoin Analysis
This week our bitcoin moving average rose by about 0.9% even as spot prices dipped towards the end of the week. The rise in the moving average reflected momentum carried over from earlier gains, not fresh bullish activity during the week. Reasons for the spot price dipping include oil rising above $100, thus stoking inflation fears and pressuring risk assets; US Treasury yields near 5%, making bonds more attractive relative to Bitcoin; Expectations of a Fed rate hike weighed on liquidity, and geopolitical hostilities encouraged defensive positioning, hurting speculative flows.
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