DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,356.9175 (NFEM)
Previous Average = 1,381.6626
Change = +1.7910%
Forex Analysis
Our naira to dollar moving average rose yet again this week, making that 7 weeks in a row. The Central Bank of Nigeria (CBN) maintained interventions and electronic trading frameworks to keep the official window orderly.
Traders in the parallel market reported moderate volatility, with persistent demand for foreign currency and limited supply thus keeping rates elevated. The spread between official and parallel markets remained wide (~₦80–₦100), underscoring the structural gap in Nigeria’s forex system.
Daily Crude Oil Prices
Moving Average = $69.02
Previous Average = $68.45
Change = +0.8327%
Crude Oil Analysis
Our Brent crude moving average rose by about 0.8% this week. This was driven by a number of factors that include:
- Short-term optimism – The International Energy Agency (IEA) reported that global oil demand in 2026 was expected to rise by about 850,000 barrels per day, led by non‑OECD economies, especially China. This gave traders confidence that consumption growth could offset some of the surplus concerns.
- Supply-side signals – Despite oversupply projections (a surplus of 3.7 million barrels/day in 2026), temporary supply outages and firmer physical market fundamentals created pockets of upward price pressure.
- Geopolitical backdrop – Diplomatic talks with Iran reduced immediate fears of supply disruption, which kept volatility contained but allowed prices to rebound slightly when demand signals strengthened.
NGX Top 10 Gainers for the week closing 13th Feb 2026
NGX Top 10 Losers for the week closing 13th Feb 2026
Stock Market Index Activity for the week closing 13th Feb 2026
Stock Market Index Analysis
Seventy-nine (79) equities appreciated in price during the week, higher than seventy-one (71) equities in the previous week. Twenty-seven (27) equities depreciated in price, lower than thirty-five (35) equities in the previous week, while forty-two (42) equities remained unchanged, same as forty-two (42) recorded in the previous week.
The gainers list was dominated by consumer goods, insurance, logistics, and ICT firms, suggesting strong investor interest in diverse sectors. Many of these companies are smaller‑cap stocks, which often respond quickly to liquidity inflows and speculative demand.
The losers list included financials, aviation services, breweries, and insurance firms, reflecting sector‑specific pressures. Larger caps like Ecobank and Guinness saw declines, showing that profit‑taking and sector rotation were at play.
The week’s activity suggests investors were rotating into growth and speculative plays, while trimming positions in some established large caps. The breadth of appreciation (79 gainers vs. 27 losers) highlights strong market sentiment, likely supported by liquidity conditions and expectations of corporate earnings.
Fixed-Income Analysis
Nigeria’s fixed‑income markets were shaped by large liquidity inflows, strong investor demand, and yield adjustments.
In Nigerian Treasury Bills (NTBs), yields remained elevated, with NTB yields trading in the 15–17% range, reflecting tight monetary conditions and CBN’s stance on inflation control. Investor demand was strong, with subscriptions exceeding ₦1.5 trillion earlier in the year, reinforcing upward pressure on yields.
In Federal Government Bonds, Bond yields compressed slightly during the week as liquidity conditions improved. The FMDQ debt market hit ₦99.3 trillion in size, supported by inflows from maturities and coupon payments. Investors positioned across short‑, mid‑, and long‑tenors, with yields easing despite the CBN’s tight policy stance.
In OMO Bills, February has been marked by significant maturities, with OMO redemptions contributing to an estimated ₦8.61 trillion liquidity injection into the financial system. This boosted system liquidity, leading to divergent money market rates: some banks placed excess funds with the CBN’s Standing Deposit Facility, while others borrowed at higher rates via the Standing Lending Facility.
CBN used CBN Bills to absorb excess liquidity, balancing the impact of large inflows from maturities and bond coupon payments.
Daily Bitcoin Prices
Moving Average = $68,490
Previous Average = $75,681
Change = -9.5017%
Bitcoin Analysis
Bitcoin continued its free-fall, falling by 9.5% this week. Profit-taking, liquidity shocks and concerns about tighter global monetary policy continued to affect the market adversely, despite the high trading volumes. The high trading volumes suggested large positions were unwound, amplifying volatility.
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