DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,367.3457 (NFEM)
Previous Average = 1,388.9318
Change = +1.5542%
Forex Analysis
It seems the US/Israel – Iran conflict is beginning to have a benign effect on the naira. This week saw a reversal of fortunes for the naira, with our moving average appreciating by 1.6%, compared to the 1.05% depreciation of last week.
CBN’s ongoing interventions seem to have helped as well, with CBN Governor Olayemi Cardoso stating on March 13th that FX reforms had driven a 200% increase in capital inflows, thus improving market liquidity, and strengthening confidence in the naira. He emphasized that policy actions were designed to eliminate distortions and restore stability in the FX market. On March 15th, Cardoso reiterated that the CBN’s measures were already delivering measurable results, reshaping the FX market and reducing inefficiencies.
Daily Crude Oil Prices
Moving Average = $110.4
Previous Average = $89.13
Change = +23.8640%
Crude Oil Analysis
Oil prices continued on its sharply upward trajectory this week, with our Brent crude moving average jumping upward by about 23%. This is on the back of a 14% jump the week before.
This week’s jump was mainly driven unsurprisingly by the escalating tensions in the Middle East, specifically the Israeli strike Iran’s South Pars gas field. Traders of oil futures had already priced in a risk premium before the actual strike, which is why prices went as high as $119 on march 16th. Uncertainty about OPEC+ production discipline, played a part in the rally, as it fueled expectations of tighter supply.
NGX Top 10 Gainers for the week closing 18th Mar 2026
NGX Top 10 Losers for the week closing 18th Mar 2026
Stock Market Index Activity for the week closing 18th Mar 2026
Stock Market Index Analysis
Forty-eight (48) equities appreciated in price during the week, higher than thirty-four (34) equities in the previous week. Forty-three (43) equities depreciated in price, lower than sixty-one (61) equities in the previous week, while fifty-seven (57) equities remained unchanged, higher than fifty-three (53) recorded in the previous week.
This week showed a clear shift toward positive sentiment, with more stocks appreciating than depreciating compared to the previous week. Improved FX inflows and CBN interventions boosted confidence, encouraging investors to rotate into equities.
Gains were spread across industrials (BUA Cement), financials (Zenith Bank), consumer goods (Guinness Nigeria), and hospitality (Ikeja Hotel), suggesting broad-based buying.
Losers like Presco, Eterna, and DAAR Communications reflected sector-specific pressures — agriculture and oil marketing faced cost challenges, while media stocks struggled with weak advertising revenues.
Fixed-Income Analysis
This week, Nigeria’s government securities market was highly active, with the Central Bank of Nigeria (CBN) conducting large Treasury bill auctions, maintaining bond issuance, and managing liquidity through OMO and CBN bills. The week was marked by strong investor demand, high subscription levels, and yields shaped by liquidity conditions and fiscal pressures.
In Nigeria Treasury Bills (NTBs), there was a major auction on march 18th, which raised ₦1.05 trillion, bringing total short-term borrowing to nearly ₦3 trillion in two weeks.
In Federal Government Bonds, longer-tenor bonds continued to be offered via the Debt Management Office (DMO). Yields remained elevated (15–17% range) reflecting inflation and fiscal pressures. The bonds continued to attract institutional investors.
In OMO bills, the CBN balanced liquidity by issuing OMO bills after large maturities had injected trillions of naira into the system earlier in March. This was critical to prevent excess liquidity from destabilizing FX markets.
CBN bills were used tactically to absorb liquidity and complement NTBs, reinforcing monetary policy objectives.
Daily Bitcoin Prices
Moving Average = $72,130.82
Previous Average = $68,629.43
Change = +5.1019%
Bitcoin Analysis
Our Bitcoin moving average rose by about 5% this week. It activity over the week somewhat mirrored that of Brent crude. For instance, it saw a surge on March 16th, which saw it net its highest price for the week, just like Brent crude. The surge was driven by investors hedging against geopolitical risk and inflation fears, similar to gold and oil rallies. It however, corrected quickly when markets shifted to risk-off mode.
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