DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,373.4658
Previous Average = 1,378.1410
Change = +0.3392%
Forex Analysis
Our naira to dollar moving average rose marginally by about 0.34% this week. This likely came on the back of improved FX inflows (in the form of oil receipts and foreign portfolio investments). Market analysts noted that the CBN stepped in with measured dollar sales to ease pressure when demand briefly exceeded supply. This intervention improved also liquidity and allowed dealers to execute trades more efficiently.
The weekly FX market turnover rose to $3.05 billion, the highest in three months, driven by stronger spot and forward transactions.
Daily Crude Oil Prices
Moving Average = $74.37
Previous Average = $72.92
Change = +1.9885%
Crude Oil Analysis
Our Brent crude moving average rose by nearly 2% this week. US inventory concerns and renewed hostilities weighed in on prices this week. U.S. crude stockpiles fell, signaling tighter near‑term supply. Also, renewed U.S.–Iran military clashes disrupted shipping through the Strait of Hormuz, the world’s most critical oil chokepoint. Shipping through the Strait slowed to a near standstill after U.S. strikes on Iranian targets and retaliatory attacks by Iran. Insurance costs for vessels skyrocketed, effectively deterring tanker traffic and tightening effective supply.
NGX Top 10 Gainers for the week closing 10th July 2026
NGX Top 10 Losers for the week closing 10th July 2026
Stock Market Index Activity for the week closing 10th July 2026
Stock Market Index Analysis
Sixty (60) equities appreciated in price during the week higher than twenty-two (22) equities in the previous week. Twenty-eight (28) equities depreciated in price, lower than fifty-seven (57) equities in the previous week, while fifty-eight (58) equities remained unchanged, lower than sixty-seven (67) recorded in the previous week.
The market was clearly in a bullish tilt this week. The sharp rise in gainers vs losers shows investors rotated back into equities after weeks of caution, with FMCGs, agriculture, real estate, and energy leading the rally. Some large caps experienced profit-taking, with the likes of Geregu Power, Guinness, Ecobank seeing declines as investors booked profits.
Below is a sector by sector breakdown of performance for the week July 03 to July 10.
Fixed-Income Analysis
This week, Nigerian government securities markets were highly active with Treasury bills (NTBs) seeing heavy oversubscription and rising stop rates, Federal Government (FGN) bonds offering record-high savings bond yields above 15%, and OMO bills maturing without fresh issuance, injecting liquidity into the system.
NTBs were offered for auction on July 8. ₦700 billion (₦100bn 91-day, ₦100bn 182-day, ₦500bn 364-day) was offered. Subscriptions were on the order of ₦1.6 trillion, showing strong demand. ₦1.1 trillion were eventually allotted an oversubscription of 52%. Stop Rates were:
91-day: 16.30% (up 2bps)
182-day: 16.50% (unchanged)
364-day: 17.70% (up 36bps)
In FGN Bonds yields rose by about 94bps compared to June issuance, reflecting tightening conditions and competition with high NTB/OMO rates. The record-high retail yields, attracted broad participation from retail investors, cooperatives, pension funds, and trustees. The 3‑year tenor provided a yield of 15.716%, the highest retail yield so far in 2026.
In OMO Bills, ₦2.21 trillion in maturities came through on July 7, 2026. No new OMO auctions were conducted this week. Liquidity surged temporarily, placements at the Standing Deposit Facility jumped 87% to ₦4.6 trillion. Excess liquidity flowed into the July 8 NTB auction, driving oversubscription and elevated stop rates. OMO bills traded actively in the secondary market as investors rebalanced portfolios, but yields were steady since no new issuance occurred.
Daily Bitcoin Prices
Moving Average = $63,317.76
Previous Average = $59,953.60
Change = +5.6113%
Bitcoin Analysis
Our bitcoin average rose by about 5.6%. This was driven by strong buying momentum, reduced selling pressure, and renewed optimism in global risk assets. Prices climbed from around $62,500 on July 3 to above $63,900 by July 9, with intraday highs near $64,600, supported by institutional flows and speculative demand.
Hedge funds and asset managers increased exposure as Bitcoin held above $62k, signaling resilience. Also, global equities and commodities rallied mid‑week, encouraging speculative inflows into crypto.
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