DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,376.8155
Previous Average = 1,380.5084
Change = +0.2675%
Forex Analysis
Our naira to dollar moving average improved marginally this week by roughly 0.3%. This was driven by steady crude oil inflows, Higher interbank turnover (more FX trades occurring in the interbank market, improving liquidity and price discovery), CBN interventions (direct selling of dollars to market participants) and ongoing FX reforms (Unification of FX windows, Market‑driven pricing, Improved transparency etc.)
However, Importers and businesses continued to source FX, keeping parallel market activity firm, causing the spread between official and parallel rates to widen to 50 naira/$.
Daily Crude Oil Prices
Moving Average = $92.88
Previous Average = $81.08
Change = +14.5535%
Crude Oil Analysis
Our Brent crude moving average rose by whopping 15%. This was driven by the following factors:
- OPEC+ Supply Discipline: OPEC+ reaffirmed production cuts, tightening global supply and boosting confidence in higher prices.
- US Inventory Draws: Weekly Energy Information Administration (EIA) data showed larger‑than‑expected crude stock declines, signaling robust demand.
- Asian Demand: Seasonal refinery runs in China and India increased imports, adding upward pressure.
- Geopolitical Risks: Tensions in the Middle East raised concerns about supply disruptions, supporting risk premiums.
- Macro Sentiment: Softer U.S. inflation data and a weaker dollar made commodities more attractive to investors.
NGX Top 10 Gainers for the week closing 24th July 2026
NGX Top 10 Losers for the week closing 24th July 2026
Stock Market Index Activity for the week closing 24th July 2026
Stock Market Index Analysis
Fifty-seven (57) equities appreciated in price during the week, higher than forty-four (44) equities in the previous week. Thirty-eight (38) equities depreciated in price, higher than thirty-five (35) equities in the previous week, while fifty-one (51) equities remained unchanged, lower than sixty-seven (67) recorded in the previous week.
The Nigerian equities market showed a lively mix of gains and losses this week, with breadth tilting slightly positive. There was renewed investor interest in consumer goods (Cadbury, Unilever), although other consumer staples saw profit-taking (Nestle, BUA Foods, Presco). There was strong demand for financials (First HoldCo, Access Holdings), and selective interest in insurance (AXA Mansard, Custodian), though others facing selling pressure (Sunu, Royal Exchange). BUA Cement benefited from infrastructure spending optimism.
There was weak sentiment in transport and logistics (Associated Bus, Trans‑Nationwide), while Mecure Industries and Tripple Gee saw speculative declines after prior gains.
Below is a sector by sector breakdown of performance for the week July 17 to July 24.
Fixed-Income Analysis
This week saw cautious activity on the part of investors, with them preferring short‑ to mid‑tenor instruments, while the CBN’s tight policy stance kept yields elevated across the curve.
In Nigerian Treasury Bills (NTBs), there were no new auctions, thus the secondary market dominated activity. The secondary market turnover was ₦1.67 trillion across 852 trades, involving 26 market players. Average NTB yields contracted by roughly 11 basis points to 18.4%, reflecting unmet auction demand spilling into secondary trading. The main driver of activity was liquidity positioning by banks and corporates ahead of month‑end obligations.
In Federal Government (FGN) Bonds, there was an auction on 22nd of July. The offer size was ₦1.2 trillion (₦400bn each across three re‑opened bonds). Total bids were on the order of ₦1.74 trillion, with ₦929.32 billion allotted competitively. The stop rates were as follows:
Investors favored shorter tenors amid interest rate uncertainty, while long‑dated papers saw weaker demand.
In OMO bills, there were no new auctions. The secondary market dominated activity. Turnover in the secondary market ₦2.85 trillion across 499 trades, involving 18 institutional investors. Short‑tenor OMO bills closed at 21.15%, longer tenors at 20.62%; average yields contracted slightly to 21.5%. Elevated yields attracted strong investor demand, reinforced by CBN liquidity sterilization, which kept OMO bill turnover high in the week.
Daily Bitcoin Prices
Moving Average = $65,425.7
Previous Average = $63,911.47
Change = +2.3693%
Bitcoin Analysis
Our Bitcoin average rose for the 3rd week in a row, this time by roughly 2.4%, reflecting a week of cautious optimism and range‑bound trading. The following factors drove market activity:
- Continued institutional inflows into spot Bitcoin Exchange Traded Funds (ETFs) provided steady demand, anchoring prices near $65k.
- Softer U.S. inflation data and a weaker dollar supported risk assets, including crypto.
- Exchange liquidity remained healthy, reducing volatility and keeping spreads tight.
- Hedge funds and retail traders added modest long positions, but avoided aggressive leverage.
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