DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1372.244 (NFEM)
Previous Average = 1,366.4021
Change = -4.275%
Forex Analysis
Our naira to dollar moving average fell by about 4.3% this week but traded in a much narrower band when compared to last week.
Demand pressures eased this week, but so did supply as market reports confirm a slight dip in external reserves after May 16. Analysts also reported that foreign portfolio inflows were muted during the week, as investors awaited clarity after the CBN’s Monetary Policy Committee’s (MPC) decision to hold the policy rate at 26.5%. Finally, data from Nigeria Extractive Industries Transparency Initiative (NEITI) show that Oil & gas financial flows into the federation account were below the early‑May average, confirming weaker supply.
Daily Crude Oil Prices
Moving Average = $107.37
Previous Average = $104.87
Change = +2.3839%
Crude Oil Analysis
Our Brent crude moving average rose by about 2.4% this week. News of renewed tensions in the Strait of Hormuz and uncertainty around Iran’s nuclear talks briefly reignited supply fears, leading to the spikes of May 18-19. Traders priced in the possibility of further export disruptions, pushing Brent higher.
Also contributing to the spike were reports of continued OECD stock declines supported crude demand. Refiners, facing tight middle distillate margins, stepped up purchases to secure feedstock. A weaker dollar midweek also made crude cheaper for non‑US buyers and encouraging short‑term demand.
By May 20, the market experienced a correction as profit-taking and concerns about demand softness outweighed earlier supply fears.
NGX Top 10 Gainers for the week closing 22nd May 2026
NGX Top 10 Losers for the week closing 22nd May 2026
Stock Market Index Activity for the week closing 22nd May 2026
Stock Market Index Analysis
Thirty-eight (38) equities appreciated in price during the week, lower than seventy-four (74) equities in the previous week. Fifty-five (55) equities depreciated in price, higher than twenty-four (24) equities in the previous week, while fifty-three (53) equities remained unchanged, higher than forty-eight (48) recorded in the previous week.
There a clear broad-based shift toward bearish sentiment this week. The All-Share Index (ASI) fell by 0.25% this week. The bearish sentiment was brought on by profit taking after last week’s broad rally. Many investors locked in profits, leading to heavier sell‑offs in mid‑cap and growth stocks. Also the elevated yields on NTBs and OMO Bills (~23–25%) made fixed‑income instruments more attractive relative to equities, pulling liquidity away from the stock market.
Below is a sector by sector breakdown of performance for the week May 15 to May 22.
Fixed-Income Analysis
Nigerian government securities reflected the broader macroeconomic backdrop: tight monetary policy (MPR at 26.5%), cautious liquidity management by the CBN, and investor positioning around inflation and FX stability.
In Nigeria Treasury Bills (NTBs), yields had increased sharply after announcement of the new MPR rate of 26.5% and stabilized at high levels. Short‑tenor bills (91‑day, 182‑day) traded around 20–22%, while longer tenors (364‑day) stayed near 24–25%. Activity was steady, with banks and pension funds rolling over positions rather than expanding exposure.
In Federal Government (FGN) Bonds, Secondary market yields edged higher, especially on mid‑ to long‑tenor bonds. Investors demanded higher yields to compensate for inflationary pressures and FX uncertainty. Trading volumes were moderate, with offshore participation muted compared to earlier in May.
The CBN used OMO auctions selectively to mop up excess liquidity. Yields were broadly aligned with NTBs, in the 23–25% range, reflecting the tight stance. Demand was strong from banks seeking risk‑free assets, but issuance volumes were modest.
CBN Bills were issued in smaller volumes compared to OMO, mainly to fine‑tune liquidity. Yields tracked OMO bills closely, reinforcing the high‑rate environment. Activity was limited but strategic, aimed at anchoring short‑term rates.
Daily Bitcoin Prices
Moving Average = $77,761.21
Previous Average = $80,840.03
Change = -3.8085%
Bitcoin Analysis
Our Bitcoin moving average fell by about 3.8% this week. This comes on the back of 6 consecutive weeks of rising.
The drop was triggered by a wave of Bitcoin Exchange Traded Funds (ETFs) redemptions. Some long‑term investors continued accumulating, but ETF redemptions offset this demand.
The redemptions were triggered by a number of factors including:
Profit-taking – After the long rally, Bitcoin had surged to roughly $81,500 in the prior week. Many institutional investors used ETFs to lock in gains, leading to redemptions.
Macro tightening signals – A stronger dollar and higher yields made risk assets less attractive, prompting ETF outflows.
Weaker demand outlook – Concerns about slowing global liquidity and softer retail inflows reduced confidence in sustained upside, leading to cautious repositioning.
Institutional rotation – Some funds rotated into traditional safe‑haven assets (Treasuries, gold) as volatility picked up, reducing exposure to Bitcoin ETFs.
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