DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,360.4656 (NFEM)
Previous Average = 1361.07
Change = +0.0444%
Forex Analysis
It was a rather calm week in the FX market as the naira remained broadly stable in both the official and parallel markets. Our naira to dollar moving average only rose by a marginal 0.04%. There was adequate liquidity in the official window, with turnover exceeding $300m on some days. Market participants noted improved transparency and reduced arbitrage opportunities with the spread between the official and parallel rates remaining between 30 and 40 naira per $, the same as last week.
Daily Crude Oil Prices
Moving Average = $82.73
Previous Average = $92.07
Change = -10.15%
Crude Oil Analysis
It is beginning to look like there is no end to Brent crude’s fall. Fourth week in a row and by a whopping 10%. The confluence of weakening demand from Europe and China, easing geopolitical tensions, steady supply from both OPEC and non-OPEC nations, as well as some profit-taking by oil traders continue to weigh heavily oil prices, but the pattern of prices for the week suggest that they have hit the floor at slightly under $80.
NGX Top 10 Gainers for the week closing 19th June 2026
NGX Top 10 Losers for the week closing 19th June 2026
Stock Market Index Activity for the week closing 19th June 2026
Stock Market Index Analysis
Eleven (11) equities appreciated in price during the week lower than forty (40) equities in the previous week. Seventy-eight (78) equities depreciated in price, higher than fifty-three (53) equities in the previous week, while fifty-seven (57) equities remained unchanged, higher than fifty-three (53) recorded in the previous week.
The market this week was clearly bearish. The week’s breadth indicators showed weaker investor confidence compared to the previous week, despite pockets of strength in insurance, hospitality, and consumer goods stocks.
Banking and industrials faced profit‑taking and weak sentiment. Company‑specific fundamentals, liquidity differences, and investor rotation, led to sector divergence in insurance such that insurance firms dominated both the top 10 gainers and losers lists.
Below is a sector by sector breakdown of performance for the week June 11 to June 19.
Fixed-Income Analysis
It was an active week in the fixed-income securities market, mainly due to the June 17th auction for Nigerian Treasury Bills (NTBs) where stop rates rose across all tenors. Federal Government (FGN) Bonds traded steadily in the secondary market, and OMO bills maintained elevated yields from earlier auctions.
The offer size for the NTB auction was ₦1.0 trillion. Total subscriptions amounted to ₦1.863 trillion, and total allotments amounting to ₦1.491 trillion. Stop rates were 16.28%, 16.5% and 17.34% for 91-day, 182-day, and 364-day bills, respectively, with Investors showed a clear preference for the 364‑day bill, which accounted for about 89% of subscriptions. The sharp rise in the one‑year stop rate (16.35%) reflected inflationary pressures and expectations of sustained tight monetary policy.
Yields for FGN Bonds were between 13.9–15.7%. FX stability and CBN liquidity management supported confidence in holding naira‑denominated debt. Portfolio rebalancing was modest, with investors rotating between NTBs (after the June 17 auction) and bonds depending on tenor preference. Overall, market sentiment was steady and cautious, with investors holding positions rather than demanding higher rates.
In OMO Bills, there was no new issuance, but secondary trading remained firm. Elevated yields ranging from 19.98% and 21.89% reflected the CBN’s hawkish liquidity management stance.
Daily Bitcoin Prices
Moving Average = $64,697.14
Previous Average = $62,110.61
Change = +4.1644%
Bitcoin Analysis
Finally, our bitcoin moving average rose this week after 4 weeks of bloodshed. It seems the market found a floor at about $62,000, causing the market to stabilize and sentiment to shift from bearish to cautiously bullish. Institutional buying and steady inflows into crypto Exchange Traded Funds (ETFs) resumed, thus supporting demand. There were also no new regulatory enforcement actions announced, easing investor anxiety compared to earlier weeks.
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