DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,350.8401 (NFEM)
Previous Average = 1,334.7080
Change = -1.2087%
Forex Analysis
Our Naira to Dollar fell by about 1.2% this week. The Naira was subject to notable volatility midweek. This was caused by a temporary liquidity mismatch in the interbank market. Earlier in the week, there had been an immense amount of cash was floating in the banking system due to a massive wave of maturing government securities. This hyper-liquidity gave commercial banks excess Naira power to execute large corporate dollar demands, resulting in a temporary dollar shortage, which was alleviated by a $500 million injection by CBN. This was not without cost however. Gross foreign reserves fell for the first time in 2 months, edging slightly lower from $55.264 billion to $55.257 billion as the bank sacrificed nominal capital to re-anchor exchange rate stability.
The spread between the official and parallel rates narrowed, with the range being ₦38 to ₦45.
Daily Crude Oil Prices
Moving Average = $109.55
Previous Average = $109.45
Change = +0.0913%
Crude Oil Analysis
Our Brent crude moving average rose by about 0.09% this week. The week was characterized by intense tug-of-war dynamics between continuous Middle East shipping risk premiums and automated selling triggered by global emergency stock releases.
The International Energy Agency (IEA) aggressively pushed the delivery of 100 million barrels of emergency oil release, thus curbing the potential for exponential price hikes. This steady injection of physical barrels into distribution systems successfully insulated refineries from immediate logistical shortages, neutralizing the physical supply deficit.
While emergency stocks curbed spot panic, shipping insurance remained structurally broken. Maritime data throughout the week showed that war-risk insurance premiums for passing through the Strait of Hormuz remained locked at their highest levels since the Gulf War, embedding a rigid price floor into seaborne crude.
NGX Top 10 Gainers for the week closing 30th Oct 2026
NGX Top 10 Losers for the week closing 30th Oct 2026
Stock Market Index Activity for the week closing 30th Oct 2026
Stock Market Index Analysis
Thirty-three (33) equities appreciated in price during the week, higher than twenty (20) equities in the previous week. Forty-eight (48) equities depreciated in price, lower than fifty-five (55) equities in the previous week, while sixty-five (65) equities remained unchanged, lower than seventy-one (71) recorded in the previous week.
The Nigerian equity market witnessed a highly targeted recovery this week. While market breadth remained net-negative with 48 losers outlasting 33 gainers, the overall market direction was heavily supported by a major structural rotation back into defensive mega-cap industrial and financial counters, with Dangote Cement Plc, the single biggest driver of market stability at the top of the gainers list.
Access Holdings and Wema Bank Plc, also fought their way into the top 10 gainers, indicating that institutional portfolio managers completed their cash-raising exercises for recent energy listings and began buying back deeply discounted, liquid financial blue-chips.
Below is a sector by sector breakdown of performance for the week October 23 to October 30
Fixed-Income Analysis
Nigeria’s fixed-income market activity was dominated by aggressive system liquidity management as the Central Bank of Nigeria (CBN) deployed multiple strategies to soak up a massive wall of loose cash flowing through the banking ecosystem. The primary market action centered entirely around a high-volume, competitive Treasury Bill primary auction, alongside heavy secondary portfolio rebalancing.
The pertinent information for the October 28 Nigerian Treasury Bill (NTB) auction can be found in the table below:
As has been the trend, the 364-day long-end paper absorbed over 93% of market interest, raking in ₦1.764 trillion in bids.
With no primary Federal Government (FGN) Bond auctions scheduled by the Debt Management Office (DMO) following the multi-trillion Naira issuance on October 19, the long-term sovereign debt market operated exclusively through secondary dealer matching.
The secondary market turnover for FGN Bonds settled at ₦1.76 trillion shifting slightly lower from the ₦1.94 trillion recorded the previous week as trading velocity redistributed into newly issued primary instruments. The secondary market yield curve sustained a minor upward trend, closing at an average benchmark yield of 16.23%.
Activity was heavily catalyzed by institutional fund managers (particularly PFAs) injecting incoming coupon liquidity back into sovereign assets.
On October 29th, the CBN held a highly anticipated OMO Bill primary auction. The auction was launched by the apex bank to absorb a massive wave of excess liquidity after roughly₦2.41 trillion in previous OMO Bills matured and flooded the banking system earlier in the week.
The pertinent details for the OMO auction are in the table below:
In line with its ongoing focus to lower overall borrowing costs following the prior month’s benchmark interest rate cuts, the CBN stubbornly rejected 89% of all investor demand. By keeping allotments tight at just ₦245 billion, the central bank successfully forced stop rates lower than previous peaks, signaling a tighter grip on money market interest expenses.
Daily Bitcoin Prices
Moving Average = $79,658.11
Previous Average = $82,180.30
Change = -3.0691%
Bitcoin Analysis
Our Bitcoin moving average fell by about 3.07% this week. Drivers include pre-election de-risking, where macro funds systematically trimmed their exposure to high-beta assets like cryptocurrency and moved capital into cash and short-term U.S. Treasuries; the persistent strength of Brent crude weighing down on alternative assets like crypto thus making them unattractive, and a broader systemic correction in traditional equities sparked a sell-off in digital assets.
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