DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1420.0942 (NFEM)
Previous Average = 1,420.2259
Change = +0.0093%
Forex Analysis
Our forex moving average stayed rather stable over the week, appreciating by just 0.0093%. Corporate buyers with access to official channels benefited from the predictable environment. The situation was rather different in the parallel (black) market. The spread between the official and parallel markets widened to roughly 70 naira per dollar— the largest in nearly a year. The official market was helped by CBN interventions, including settling outstanding obligations, and improvements in the Nigeria’s external reserves position. The weakening of the naira in the parallel market was driven by dollar demand by importers and individuals unable to access official forex.
Daily Crude Oil Prices
Moving Average = $63.87
Previous Average = $64.45
Change = −0.90%
Crude Oil Analysis
This week was one of mixed signals in the market for Brent crude. Early in the week, concerns about potential U.S. military action in Iran pushed Brent crude toward multi‑month highs. This was largely counterbalanced by midweek reports that showed higher U.S. crude stockpiles, which pressured prices downward.
The International Energy Agency (IEA), somewhat in contrast to much of their pronouncements last quarter, projected global oil demand growth of 930 kb/d in 2026, up from 850 kb/d in 2025 in their January Oil Market Report. This upwardly revised projection seems to be driven by demand for petrochemical feedstock and jet fuel. Gasoline demand remains sluggish.
NGX Top 10 Gainers for the week closing 23th Jan 2026
NGX Top 10 Losers for the week closing 23th Jan 2026
Stock Market Index Activity for the week closing 23th Jan 2026
Stock Market Index Analysis
Fifty-eight (58) equities appreciated in price during the week, lower than eighty (80) equities in the previous week. Forty (40) equities depreciated in price, higher than seventeen (17) equities in the previous week, while fifty (50) equities remained unchanged, same as fifty (50) recorded in the previous week.
This week’s market activity showed waning optimism compared to the previous week. Reasons for this include the possibility that institutional investors may have shifted funds into fixed income (Treasury bills and bonds) given attractive yields, reducing equity demand. Gains were concentrated in smaller, less liquid stocks, while blue chips and consumer staples faced sell-offs. Investors might have also been reacting to macroeconomic signals (inflation, FX pressures, and monetary tightening).
Top gainers included the likes of DEAP Capital Management & Trust Plc, SCOA Nig. Plc, and NCR (Nigeria). These gains were largely driven by speculative interest, sector rotation, and bargain hunting in small‑cap and mid‑tier stocks.
Losses were concentrated in insurance, breweries, and industrials, sectors facing cost pressures, weak consumer demand, and investor rotation away from large caps. The decline in Nigerian Breweries and International Breweries highlights consumer spending weakness and margin pressures from FX volatility.
Fixed-Income Analysis
Nigerian government securities markets were active this week, with Treasury (NTBs) bills and OMO bills seeing heavy auction volumes, while Federal Government bonds traded steadily in the secondary market, and CBN bills were used for liquidity management.
CBN conducted its second Treasury bills auction of January on Jan 22, 2026, offering about ₦1.15 trillion across 91‑day, 182‑day, and 364‑day maturities. Investor demand was strong, reflecting ample system liquidity. Yields remained elevated, with successful bid rates clustering around 15–18%, showing that investors still demanded compensation for inflation and monetary tightening pressures.
The CBN also issued Open Market Operation (OMO) bills during the week to mop up excess liquidity from the banking system. These short‑term instruments were targeted at banks and institutional investors, with yields broadly aligned with NTB auctions. Activity was moderate, as the large NTB auction absorbed much of investor attention, but OMO remained a key liquidity management tool.
In the secondary market, Federal Government of Nigeria bonds traded steadily, with yields holding in the 15–17% range depending on tenor. Investor sentiment was cautious, with preference for shorter‑dated instruments given uncertainty around inflation and monetary policy. Longer‑dated bonds saw limited demand, reflecting concerns about fiscal pressures and the government’s borrowing trajectory.
The CBN continued to deploy special bills (CBN bills) as part of its liquidity sterilization strategy. These instruments were used to absorb excess liquidity from commercial banks, complementing OMO operations. Market activity was relatively quiet compared to NTBs, but they played a stabilizing role in keeping short‑term rates aligned with policy objectives.
Daily Bitcoin Prices
Moving Average = $92,285.26
Previous Average = $95,554.20
Change = -3.4210%
Bitcoin Analysis
This week saw some profit-taking in the bitcoin market, after bitcoin had rallied strongly in early January. Also midweek reports of stricter compliance checks on crypto exchanges in the U.S. and EU dampened sentiment. This triggered risk-off behavior, especially among institutional traders.
There were also liquidity shifts. Stablecoin inflows slowed, suggesting reduced demand for crypto exposure. Futures markets showed higher short positioning, amplifying downside moves. There was macro backdrop to the fall in prices, as global risk appetite softened as oil prices dipped and equity markets turned cautious.
