DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,428.3763
Previous Average = 1,448.3396
Change = +1.3784%
Forex Analysis
Our foreign exchange moving average rose by about 1.38%. Possible reasons include FX inflows improving after the holiday period, boosted liquidity as exporters and oil companies sold more dollars possibly to offset taxes, salaries etc. Further possibilities include transparent pricing and tighter oversight of banks, which helped stabilize the market.
Daily Crude Oil Prices
Moving Average = $60.92
Previous Average = $60.93
Change = -0.0164%
Crude Oil Analysis
Our Brent crude moving average has stayed remarkably stable amidst major geopolitical tensions. Recent tensions (Ukraine, Venezuela) caused short‑term spikes, but fundamentals quickly pulled back prices back toward the low $60s. Ample global supply, especially from OPEC+ and U.S. shale and weak demand growth are keeping prices subdued.
NGX Top 10 Gainers for the week closing 9th Jan 2026
NGX Top 10 Losers for the week closing 9th Jan 2026
Stock Market Index Activity for the week closing 9th Jan 2026
Stock Market Index Analysis
Eighty-four (84) equities appreciated in price during the week, higher than seventy-three (73) equities in the previous week. Twenty-two (22) equities depreciated in price, lower than twenty-three (23) equities in the previous week, while forty-two (42) equities remained unchanged, lower than fifty-one (51) recorded in the previous week.
The NGX was bullish overall, with more gainers than losers and fewer unchanged stocks. Sector rotation was evident as Energy (Conoil) and Insurance faced profit-taking/sell-offs. Other losing sectors like Hotels & hospitality (Ikeja Hotel) weakened on soft consumer spending. Sectors rotated into include Healthcare & pharmaceuticals (May & Baker, Neimeth, Fidson), which benefited from strong demand and positive earnings expectations, Mining & industrials (Multiverse, SCOA), which gained on commodity optimism.
It should be noted that liquidity improved after the holiday period, with stronger participation from institutional investors. Also, it should be noted that naira appreciation (about 1.3% gain in NFEM rates) and stable oil prices (about $61 for Brent crude) boosted confidence in equities.
Fixed-Income Analysis
Market activity in government securities this week was marked by renewed investor activity, stable yields, and improved sentiment, underpinned by naira appreciation and oil price stability.
In Treasury Bills, auctions were conducted for 91‑day, 182‑day, and 364‑day maturities. Subscription was strong, reflecting investors’ preference for short‑term risk‑free instruments at the start of the year. Yields eased slightly compared to late December. For 91‑day bills it was roughly 9–10%, 12–13% for 182-day bills and 15–16% for 364-day bills. Banks and asset managers actively traded bills in the secondary market, repositioning after year‑end liquidity adjustments.
In FGN Bonds, no major bond auction fell directly in this week, but secondary trading was active. Benchmarks (10‑year, 20‑year) traded in the 18–19% range, softening slightly as investors anticipated lower inflation in Q1 2026. Pension funds and insurance companies were notable buyers, locking in yields amid naira appreciation and stable oil prices. Liquidity improved compared to late December, with more trades executed in the secondary market.
In OMO Bills, the last major OMO auction was on Dec 30, 2025, with maturities in the 162–210-day range. There was active secondary market trading as banks deployed post‑holiday liquidity. Yields eased slightly to about 18.8–19.0% by Jan 8–9. The high yields and naira stability attracted foreign portfolio investor activity.
In CBN Bills, there was limited new issuance during this week, but outstanding bills traded in the secondary market. Yields held firm in the 17–18% range, slightly below OMO bills, reflecting their shorter tenor and lower risk profile. Primarily banks and institutional investors using them for liquidity management.
Daily Bitcoin Prices
Moving Average = $92,923.6
Previous Average = $88,168.19
Change = +5.3936%
Bitcoin Analysis
Our bitcoin average saw a roughly 5.4% rise. Hedge funds and ETFs increased allocations early in January, taking advantage of year‑end portfolio rebalancing. Spot Bitcoin ETFs (especially in the U.S. and Europe) saw inflows, supporting upward momentum.
Investor anticipations also boosted appetite for risky assets like crypto, as they expected the federal reserve to be less hawkish in Q1 2026. The dollar also softened slightly, making Bitcoin more attractive as an alternative store of value.
Encouraging global macro factors also seem to have had a knock on effect. Equity markets started 2026 on a positive note, with tech stocks rallying. This risk‑on sentiment spilled over into crypto. Oil prices (Brent crude at roughly $61/barrel) remained stable, supporting broader macro confidence.
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