DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,448.3396 (NFEM)
Previous Average = 1,454.6921
Change = +0.4367%
Forex Analysis
Our FX moving average rose by about 0.44%. This was driven by improved FX liquidity. The official market remained relatively stable, with CBN interventions ensuring orderly trading during the holiday period.
The spread between official and parallel rates narrowed to about 15-20 naira per dollar, thus showing reduced speculative pressure. Holiday remittance inflows and lower demand for dollars after festive spending helped ease pressure on the naira.
Daily Crude Oil Prices
Moving Average = $60.93
Previous Average = $61.16
Change = -0.3761%
Crude Oil Analysis
Our Brent crude moving average saw a marginal decline of about 0.38% reflecting mild weakness rather than a sharp sell-off. Prices hovered around $60.6–$61.5 per barrel, showing consolidation with a bearish tilt.
Driving market activity this week were the following:
- Year-end profit-taking. Traders closed positions ahead of the new year, leading to modest selling pressure, and the thin holiday liquidity amplified small downward moves.
- Global growth worries persisted, with soft industrial data from Europe and Asia weighing on demand expectations. The post‑holiday slowdown in consumption also added to bearish sentiment.
- OPEC+ maintained production discipline, but no new cuts were announced. This limited upside momentum. Also, U.S. crude inventories remained steady, signaling adequate supply.
- The U.S. dollar firmed slightly during the week, making oil more expensive for non‑U.S. buyers.
NGX Top 10 Gainers for the week closing 2nd Jan 2026
NGX Top 10 Losers for the week closing 2nd Jan 2026
Stock Market Index Activity for the week closing 2nd Jan 2026
Stock Market Index Analysis
Seventy-three (73) equities appreciated in price during the week, higher than forty-four (44) equities in the previous week. Twenty-three (23) equities depreciated in price, lower than thirty (30) equities in the previous week, while fifty-one (51) equities remained unchanged, lower than seventy-three (73) recorded in the previous week.
The stock market started the new year with a strong bullish sentiment, indicating investors were more active and optimistic going into the new year.
The end of 2025 saw a portfolio rebalancing, causing investors to adjust holdings before closing their books for 2025, which led to broad‑based gains. Hospitality, consumer goods, and manufacturing stocks benefited from seasonal demand. Gains concentrated in industrials, healthcare, and services. Losses clustered in financials, insurance, energy, and select consumer goods. Optimism about 2026 economic outlook and liquidity inflows supported buying. Profit‑taking in heavyweights (Seplat, Nigerian Breweries, First Holdco) tempered overall gains.
Fixed Income Analysis
Nigerian government securities markets were relatively calm this week due to holiday‑thinned activity. Treasury bills saw light demand at the long end, open market operations (OMO) were muted, FGN bonds traded mixed with yields broadly stable, and CBN bills reflected cautious liquidity management.
In Nigerian Treasury Bills (NTBs), trading was subdued, with short‑to‑mid tenor yields largely unchanged. Longer‑dated bills attracted modest buying interest, leading to slight yield compression. The average benchmark NTB yield edged lower by about 2 basis points to about 16.23%. It seems investors preferred safety and liquidity, with limited repositioning during the holiday week.
In Open Market Operations (OMO), system liquidity remained in surplus (about ₦3.79 trillion), though slightly lower week‑on‑week. Funding rates ticked higher, with Overnight Policy Rate (OPR) of about 22.50%, and Overnight Rate (O/N) of about 22.79%), reflecting cautious liquidity management. Activity was muted, with the CBN refraining from aggressive issuance given comfortable liquidity. Market participants largely stayed on the sidelines, awaiting January policy signals.
In FGN Bonds, there was mixed activity — short‑to‑mid tenor bonds saw yield compression, while selective selling occurred at the long end. The average benchmark yield remained flat at about 16.65%. Cautious positioning dominated, with investors balancing reinvestment needs against year‑end profit‑taking. In summary, the tone of the market was stable and orderly, with no major shifts in sentiment.
In CBN Bills, there was limited activity during the holiday week; no major auctions were conducted. Bid and marginal rates from the prior December auctions held steady, with yields clustered around 15–17%. The CBN maintained a wait‑and‑see stance, relying on liquidity management tools rather than fresh bill issuance.
Daily Bitcoin Prices
Moving Average = $88,168.19
Previous Average = $87,943.61
Change = +0.2554%
Bitcoin Analysis
- Bitcoin traded in a tight consolidation band around $87.7k–$89k, showing a modest upward drift. The major market drivers for this week included:
- Year‑End Portfolio Rebalancing, as institutional investors adjusted positions before closing their books for 2025. Also modest inflows into Bitcoin as part of diversification activities supported prices.
- With fewer sellers active during the holiday period, even moderate buying nudged prices higher.
- Broader risk appetite improved, with equities also showing resilience, this provided support to crypto sentiment.
- Traders who had taken profits earlier in December began re‑entering positions. This helped stabilize Bitcoin near the upper end of its recent range.
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