DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1350.9033
Previous Average = 1344.46
Change = -0.4793%
Forex Analysis
After climbing for 8 weeks, our moving fell by about 0.48%. CBN continued efforts to harmonize rates across official and parallel markets, but short‑term pressures kept the naira under mild strain. Demand remained strong from importers, tuition payments, and speculative traders, keeping pressure on the naira despite official interventions. The spread between official and parallel rates narrowed slightly, but volatility persisted due to liquidity imbalances.
Daily Crude Oil Prices
Moving Average = $68.81
Previous Average = $66.91
Change = +2.83%
Crude Oil Analysis
Brent crude prices rose about 2.83%, and the main drivers were geopolitical tensions and demand expectations:
Traders priced in a risk premium as negotiations between the U.S. and Iran approached a February 26 deadline. Brent crude climbed above $71.50 per barrel midweek, reflecting fears of potential escalation if talks failed. Statements from President Trump warning of a “very bad day” for Iran if no deal was reached added to market jitters.
By the end of the week, prices steadied just below $71 after reports of progress in talks, though U.S. officials expressed disappointment. Iran insisted it would not allow enriched uranium to leave the country, while U.S. military deployments in the Middle East kept traders cautious.
The International Energy Agency’s February 2026 Oil Market Report projected global oil demand to rise by 850,000 barrels per day in 2026, led entirely by non‑OECD economies, especially China. This reinforced bullish sentiment, with petrochemical feedstock demand driving much of the increase.
NGX Top 10 Gainers for the week closing 27th Feb 2026
NGX Top 10 Losers for the week closing 27th Feb 2026
Stock Market Index Activity for the week closing 27th Feb 2026
Stock Market Index Analysis
Thirty-one (31) equities appreciated in price during the week, lower than seventy-one (71) equities in the previous week. Thirty-eight (38) equities depreciated in price, lower than forty-one (41) equities in the previous week, while fifty-seven (57) equities remained unchanged, higher than thirty-six (36) recorded in the previous week.
The NGX closed the week lower, driven by profit-taking in large-cap stocks like Dangote Cement and MTN Nigeria. Banking and consumer goods provided some resilience, but overall sentiment was cautious as investors balanced equity gains with attractive fixed-income yields.
Fixed-Income Analysis
Yields on Nigerian Treasury Bills declined slightly during the week, reflecting strong investor demand. Investors sought short-term instruments amid uncertainty in equities. The Central Bank of Nigeria (CBN) maintained tight liquidity, but real returns remained attractive given inflation around 15.15%.
On February 23, 2026, the Debt Management Office (DMO) reopened ₦800 billion worth of bonds at yields below 20%. The auction attracted strong subscriptions, signaling confidence in long-term naira assets. Yields retreated from the highs of 2025, easing borrowing costs for the government.
The CBN floated ₦3.5 trillion worth of OMO bills during the week, targeting both local banks and foreign portfolio investors. Strong demand was driven by positive real returns (real interest rate ~11.85%). Foreign investors showed renewed interest, encouraged by stable FX conditions.
In general, borrowing costs eased for the Nigerian government as yields fell on all major instruments. Robust demand from both domestic and foreign investors supported the rally, while inflation and monetary policy kept real returns attractive.
Daily Bitcoin Prices
Moving Average = $67,115.52
Previous Average = $68,162
Change = -1.535%
Bitcoin Analysis
Bitcoin exchange-traded funds saw $6.8 billion in outflows, which weighed on BTC demand. This capital rotation favored altcoins such as Polkadot (DOT) and Uniswap (UNI), pulling liquidity away from Bitcoin and stalling its momentum below the $70,000 mark
The state of Indiana in the US, passed a Crypto Rights Bill (Feb 26), banning discriminatory taxes and mandating crypto options in state retirement plans. While positive for long-term adoption, the immediate market reaction was muted, as traders focused more on short-term ETF flows than legislative wins.
Please Note: The Stock Market Analysis Section is Incomplete because NGX did not release a market report over the weekend. Sorry for the Inconvenience.
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