DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,328.6479
Previous Average = 1,323.1152
Change = -0.4182%
Forex Analysis
Our naira to dollar moving average fell by about 0.4% this week, ending an 8-week bull run as FX demand outpaced supply. Oil receipts were steady but insufficient to meet demand. CBN interventions were limited, with fewer dollar injections. Foreign portfolio investors remained cautious, preferring fixed‑income instruments over equities, reducing FX inflows.
In the parallel market there was strong retail and importer demand for dollars. There was also marked speculative activity as traders anticipated further weakness. The spread between the official and parallel rates were in the ₦55–₦60 range.
Daily Crude Oil Prices
Moving Average = $105.50
Previous Average = $98.74
Change = +6.8463%
Crude Oil Analysis
Our Brent crude moving average has risen for the 6th week in a row, this week by nearly 7%. Hostilities in the Middle East continue to raise fears of supply disruptions. OPEC+ continued adherence to production cuts tightened supply. US inventory weekly data showed larger‑than‑expected declines, as US and Asian demand remained strong despite high prices.
NGX Top 10 Gainers for the week closing 18th Sept 2026
NGX Top 10 Losers for the week closing 18th Sept 2026
Stock Market Index Activity for the week closing 18th Sept 2026
Stock Market Index Analysis
Fifty-two (52) equities appreciated in price during the week, higher than nine (9) equities in the previous week. Thirty-two (32) equities depreciated in price, lower than eighty (80) equities in the previous week, while sixty-three (63) equities remained unchanged, higher than fifty-eight (58) recorded in the previous week. This shows a broad‑based recovery, with sentiment turning positive after a heavily bearish prior week.
Despite tight naira liquidity from OMO and bond auctions, equities benefited from bargain hunting. Insurance, financial services, and real estate led gains; consumer goods and agric lagged. Domestic investors drove activity, with foreign participation still cautious due to FX repatriation risks.
Below is a sector by sector breakdown of performance for the week September 11 to September 18
Fixed-Income Analysis
The market saw active trading as investors rotated into fixed‑income amid FX pressures.
There were no new auctions in the Nigerian Treasury Bills (NTBs) this week but strong unmet demand from last week’s auction spilled into the secondary market driving yields lower early in the week, though selling pressure later pushed them back up slightly. Renewed offshore buying supported yield compression early in the week, but repatriation risks limited sustained inflows.
The NTB secondary market recorded turnover of about ₦982.81 billion, with average yields easing to around 18.8–19.1% despite tighter liquidity conditions.
In Federal Government (FGN) Bonds there were auctions organized by the Debt Management Office (DMO) for two instruments. The offer size across the two was ₦1 trillion, with subscriptions reaching about ₦1.495 trillion and allotments being about ₦748.64 billion. The table below gives the auction breakdown for the two instruments:
Domestic pension funds and banks dominated demand; foreign investors participated cautiously, attracted by high yields but wary of FX repatriation risks. The allotments were less than the offer size because the DMO rejected bids at yields above its acceptable threshold, prioritizing cost of borrowing over volume of issuance. This is a common practice in sovereign debt management — balancing fiscal needs with long‑term debt sustainability.
In OMO Bills, an auction was held on September 16th. The pertinent auction details are in the table below:
The Sept 16 OMO auction was a major liquidity‑draining operation. The CBN absorbed ₦2.52 trillion, far above its ₦1 trillion offer, with stop rates below 20%. The 153‑day bill drew the strongest demand, while shorter tenors cleared at higher yields.
Daily Bitcoin Prices
Moving Average = $76,821.77
Previous Average = $79,010.25
Change = -2.7699%
Bitcoin Analysis
Our Bitcoin moving average fell by about 3% this week. Possible factors include renewed U.S. and EU discussions on stricter crypto compliance rules weighed on sentiment; Equity markets softened globally, thus pushing investors to reduce exposure to volatile assets like Bitcoin; Traders locking in gains from the prior oil‑driven inflation hedge rally and some capital moving into alternative coins like ethereum, diluting bitcoin.
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