DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1374.14 (NFEM)
Previous Average = 1372.244
Change = -0.1382%
Forex Analysis
Our moving average fell by about 0.14% this week. This was mainly brought on by month-end import demand by corporates and importers settling obligations at the end of May. Importers that couldn’t access the official channels for FX were forced to source FX from the parallel market, which caused the spread between official and parallel rates to grow to about ~₦45–₦50 per USD, thus fueling speculative activity.
Daily Crude Oil Prices
Moving Average = $96.97
Previous Average = $107.37
Change = -9.6861%
Crude Oil Analysis
Our Brent crude average fell by about a whopping 10%. This significant market correction was brought on by profit-taking by oil traders forcing prices to below $110 per barrel, as they were before the month of May. Other factors include news reports of possible easing of geopolitical tensions in the Middle East, expectations of steady OPEC+ output and resilient U.S. shale production.
Energy‑linked funds saw withdrawals, reflecting investor caution. Hedge funds reduced their long positions in crude futures, and Put option volumes rose, signaling hedging against further declines.
NGX Top 10 Gainers for the week closing 29th May 2026
NGX Top 10 Losers for the week closing 29th May 2026
Stock Market Index Activity for the week closing 29th May 2026
Stock Market Index Analysis
Thirty-four (34) equities appreciated in price during the week lower than thirty-eight (38) equities in the previous week. Fifty-one (51) equities depreciated in price, lower than fifty-five (55) equities in the previous week, while sixty-one (61) equities remained unchanged, higher than fifty-three (53) recorded in the previous week.
The Nigerian equities market showed a mixed but cautious tone. This pattern reflected investor consolidation, profit‑taking in some large caps, and selective buying in insurance and consumer names.
There seemed to be renewed interest in insurance sector, perhaps due to recapitalization expectations, and defensive buying in consumer brands. Sugar, banking, and industrials faced profit‑taking.
Below is a sector by sector breakdown of performance for the week May 22-29, 2026
Fixed-Income Analysis
The market activity in Fixed-Income securities this week was decidedly mixed as investors showed a preference for short-term securities due to high yields and month‑end liquidity needs, while long‑term bonds saw limited activity.
In Nigerian Treasury Bills (NTBs), secondary market yields consolidated around 16%. Banks and corporates used T‑Bills for liquidity management as month‑end obligations approached. Demand remained strong, keeping yields stable despite tight liquidity.
In Federal Government (FGN) Bonds, liquidity was thin compared to short‑term instruments. Preference shifted toward short‑dated paper due to higher yields in OMO/T‑Bills.
OMO bills were heavily subscribed in the May 21 auction, reflecting CBN’s aggressive liquidity mop‑up. Secondary market demand remained strong for ultra‑short OMO paper. Elevated yields (20–22%) attracted banks and institutional investors, diverting attention from longer‑dated FGN bonds.
Daily Bitcoin Prices
Moving Average = $75,797.7
Previous Average = $77,761.21
Change = -2.5251%
Bitcoin Analysis
Our Bitcoin moving average fell for the second week in a row, this time by roughly 2.5%. Profit-taking continued this week, with U.S. spot Bitcoin Exchange Traded Funds (ETFs) recording net outflows, signaling institutional profit‑taking after earlier gains. Trading volumes thinned mid‑week, amplifying price swings.
Global risk appetite also had adverse effects on the speculative inflows into crypto, as equity markets softened.
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