DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1411.7185 (NFEM)
Previous Average = 1420.0942
Change = +0.5898%
Forex Analysis
Our FX moving average rose by roughly 0.6% this week. This week also saw the naira appreciate in both the official and parallel markets (a welcome reversal of the trend in the parallel market over the last few weeks), with the official rate strengthening below ₦1,400/$ for the first time in weeks.
Drivers of this week’s market activity include the Electronic Foreign Exchange Matching System (EFEMS) clearing FX backlogs, improved liquidity from rising foreign reserves boosting confidence, and reduced demand pressures allowing the naira to strengthen. Improved predictability also encouraged foreign portfolio inflows, reinforcing the naira’s strength.
The spread between the official and parallel rates reduced significantly this week. Parallel rates closely tracked official rates, with trading in the parallel market moving between ₦1,400–₦1,420/$ during the week, reflecting narrowing arbitrage and improved confidence in CBN’s FX framework.
Daily Crude Oil Prices
Moving Average = $63.89
Previous Average = $63.87
Change = +0.0313%
Crude Oil Analysis
Our Brent crude moving average improved marginally by about 0.03%. Concerns about Middle East tensions briefly supported prices midweek but were however offset by OPEC+ maintaining production levels thus limiting upside pressure.
Global demand signals were mixed with weak gasoline consumption in the U.S. but steady petrochemical demand in Asia. Also mild winter weather in Europe reduced heating oil demand, capping gains.
U.S. crude inventories showed a buildup this week, which weighed on sentiment and prevented a breakout above $65.
A stronger U.S. dollar midweek made oil more expensive for non-dollar buyers, dampening demand. Equity market caution also spilled into commodities, keeping Brent crude range-bound.
NGX Top 10 Gainers for the week closing 30th Jan 2026
NGX Top 10 Losers for the week closing 30th Jan 2026
Stock Market Index Activity for the week closing 30th Jan 2026
Stock Market Index Analysis
Forty-four (44) equities appreciated in price during the week, lower than fifty-eight (58) equities in the previous week. Forty-nine (49) equities depreciated in price, higher than forty (40) equities in the previous week, while fifty-five (55) equities remained unchanged, higher than fifty (50) recorded in the previous week.
The All-Share Index (ASI) fell for the second week in a row, falling marginally by 0.09%.
This week saw sector rotation into agro-allied, aviation, and real estate stocks, perhaps anticipating growth in food security, logistics, and property markets. Smaller‑cap stocks like Omatek and RT Briscoe gained, as such stocks often attract retail traders during bullish bursts.
Pharmaceutical and brewery stocks were victims of profit-taking as they had rallied earlier; investors booked profits, leading to declines. The weak demand for Livestock Feeds and Union Dicon Salt reflected pressure in the consumer staples segment.
In general, investors shifted into small‑cap and speculative plays while trimming positions in larger, previously overbought stocks.
Fixed-Income Analysis
This week, Nigerian government securities markets were shaped by strong liquidity, active auctions, and selective investor demand. Treasury bills saw yield compression at the long end, FGN bonds were oversubscribed, OMO bills attracted massive subscriptions, and CBN bills were issued aggressively to mop up liquidity.
In Nigerian Treasury Bills (NTBs), trading was subdued across short‑to‑mid maturities, but buying at the long end drove yield compression. This indicated that investors preferred longer tenors, betting on stable yields. The muted demand for short-term bills caused the average NTB to decline by 15bps to 16.69%.
In FGN Bonds, the January bond auction was heavily oversubscribed, with total subscriptions reaching ₦2.25 trillion, more than double the ₦900 billion offered. The Debt Management Office (DMO) allotted ₦1.54 trillion, reflecting robust investor appetite. The strong demand was driven by attractive yields and investor confidence in government debt despite global uncertainties.
In OMO Bills, CBN floated OMO bills worth ₦600 billion to absorb excess liquidity. Demand was overwhelming, with ₦5.9 trillion staked by banks and foreign portfolio investors. The 22‑Sept‑2026 OMO bill was quoted around 19.30%/19.15%, showing strong investor interest in high‑yield short‑term instruments.
In CBN Bills, CBN conducted its second auction for January, offering ₦1.15 trillion across 91‑day, 182‑day, and 364‑day maturities. Elevated system liquidity and cautious interest rate expectations shaped investor behavior. The heavy issuance reflects the CBN’s reliance on short‑term bills to manage liquidity and fund government operations.
Daily Bitcoin Prices
Moving Average = $88,243
Previous Average = $92,285.26
Change = -4.380%
Bitcoin Analysis
Bitcoin experienced a sharp correction this week, with our moving average falling by about 4.38%. This week saw more profit-taking. Traders locked in gains, triggering sell pressure. Reports of stricter oversight in the U.S. and EU also weighed on sentiment, especially around stablecoin and exchange compliance. The dollar’s appreciation made risk assets less attractive, contributing to outflows from crypto. This made institutional investors rotate into safer assets, reducing demand for bitcoin.
Professional corporate finance and consulting services.
barnabyandedgar.com/
