DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,420.2259
Previous Average = 1,428.3763
Change = +0.5706%
Forex Analysis
Our naira to dollar exchange rate moving average rose by about 0.57% this week. In the parallel (black) market however, the naira did weaken due to tight dollar supply, thus increasing the spread between the official and parallel rates. Drivers of the official market’s marginal appreciation include Foreign portfolio inflows and CBN cash injections. Investor confidence also improved as a result of policy continuity on the part of CBN.
In the parallel market the dollar traded between ₦1,450–₦1,465/$ through much of the week, rising to about ₦1,470/$ by Jan 16. Thus the spread between the official and parallel rates widened to about ₦50/$. Much of this activity was driven by high demand from importers and individuals unable to access official channels.
Daily Crude Oil Prices
Moving Average = $64.45
Previous Average = $60.92
Change = +5.7945%
Crude Oil Analysis
Brent crude experienced a notable upswing this week, with our average rising by about 5.8%. There was a mix of supply, demand and macro environment drivers for this.
On the supply side, OPEC+ maintained production cuts, thus tightening supply. Concerns over Venezuela and Middle East tensions added a risk premium. Geopolitical tensions tend to typically add $2–3 per barrel in short‑term risk pricing. Reports of declining U.S inventories crude stocks supported upward momentum.
On the demand side, Early January industrial activity data in China and India showed modest recovery, boosting demand expectations. However, warmer winter weather tempered heating demand, slightly offsetting gains.
On the macro environment side, the U.S. dollar softened mid‑week, making oil cheaper for non‑USD buyers. Also, risk‑on sentiment in stock markets spilled into commodities, encouraging speculative buying.
NGX Top 10 Gainers for the week closing 16th Jan 2026
NGX Top 10 Losers for the week closing 16th Jan 2026
Stock Market Index Activity for the week closing 16th Jan 2026
Stock Market Index Analysis
Eighty (80) equities appreciated in price during the week, lower than eighty-four (84) equities in the previous week. Seventeen (17) equities depreciated in price, lower than twenty-two (22) equities in the previous week, while fifty (50) equities remained unchanged, higher than forty-two (42) recorded in the previous week.
This week’s market activity was of a generally positive market sentiment, with more companies gaining than losing, though the pace of appreciation slowed compared to last week. There was a rise in unchanged equities, suggesting cautiousness on the part of investors, with them holding positions rather than making aggressive moves.
The losers list was dominated by insurance firms (Universal, Lasaco, Cornerstone, Sunu), suggesting sector-specific pressures, possibly linked to claims, regulatory issues, or investor rotation out of insurance stocks.
Fixed-Income Analysis
This week’s activity, as was last week’s, was marked by renewed investor activity, stable yields, and improved sentiment, underpinned by naira appreciation and oil price strength.
In Treasury bills, the CBN conducted primary auctions during the week, offering 91‑day, 182‑day, and 364‑day maturities. Subscription levels were strong, reflecting investor appetite for short‑term risk‑free instruments. Yields stayed roughly the same compared to the prior week, but increased demand should soon make for a downward trend.
In FGN bonds, secondary market trading was active. Liquidity improved compared to early January, with more trades executed in the secondary market. Yields remained in the 18-19% range for 10-year and 20-year bonds.
In OMO bills, the CBN conducted OMO auctions mid‑week in the primary market to sterilize excess liquidity. Yields cleared around 18.9–19.2%, slightly lower than the Dec 30 auction levels (around 19.3–19.4%). Trading was active in the secondary market with yields easing by about 20 basis points as demand remained strong. Foreign portfolio investors continued to participate, attracted by high yields and naira stability.
In CBN bills, again like last week, there was limited new issuance, but outstanding bills traded actively in the secondary market. Yields held firm in the 17–18% range, slightly below OMO bills due to shorter tenor and lower risk profile. The investor base continues to be banks and institutional investors.
Daily Bitcoin Prices
Moving Average = $95,554.20
Previous Average = $92,923.6
Change = +2.8309%
Bitcoin Analysis
Our Bitcoin moving average rose by about 2.8% Spot Bitcoin Exchange Traded Funds (ETFs) continue to see net inflows. Expectations of a less hawkish stance by the federal Reserve bank continue to hold, thus supporting risky assets. Transaction volumes picked up after the holiday lull, signaling renewed retail participation.
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