DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,365.8081
Previous Average = 1,376.8155
Change = +0.7995%
Forex Analysis
Our Naira to Dollar moving average improved by roughly 0.8% this week. This came on the back of CBN interventions in the form of direct sales of dollars to market participants, wider access to its auctioning system and liquidity injections. The slight dip in foreign reserves during the week suggest that the improved exchange rate came from mainly the interventions and not from autonomous FX inflows.
Importers and individuals continued to source dollars in the parallel market, keeping rates elevated, but with a narrower spread of 30-40 naira per $, when compared to last week.
Daily Crude Oil Prices
Moving Average = $91.20
Previous Average = $92.88
Change = -1.809%
Crude Oil Analysis
Our Brent crude moving average fell by about 1.8% this week. This was largely triggered by profit-taking on the part of oil traders after oil prices rose above $100 on July 23rd. Other factors include discounting of the geopolitical risk premium as supply disruptions failed to materialize, hints of easing of OPEC+ supply discipline and a firmer dollar discouraging uptake by non-oil producers.
NGX Top 10 Gainers for the week closing 31st July 2026
NGX Top 10 Losers for the week closing 31st July 2026
Stock Market Index Activity for the week closing 31st July 2026
Stock Market Index Analysis
Thirty-three (33) equities appreciated in price during the week, lower than fifty-seven (57) equities in the previous week. Fifty-six (56) equities depreciated in price, higher than thirty-eight (38) equities in the previous week, while fifty-eight (58) equities remained unchanged, higher than fifty-one (51) recorded in the previous week.
The week was marked by broad-based weakness. OMO and NTB auctions absorbed liquidity, leaving less cash chasing equities. After prior week’s rally, investors booked gains, especially in breweries and some insurance stocks (though other insurance stocks like Lasaco Assurance, NEM Insurance, Consolidated Hallmark posted strong gains). FX market volatility and weaker oil prices (Brent down 1.8%) seem to have dampened confidence.
Below is a sector by sector breakdown of performance for the week July 24 to July 31.
Fixed-Income Analysis
Nigerian government securities saw strong demand across the board this week. Nigerian Treasury Bills (NTBs) and OMO Bills were heavily oversubscribed, with a bullish secondary market for Federal Government (FGN) Bonds.
In NTBs, there was an auction on the 29th of July. The offer size was ₦700bn (₦100bn each for 91‑day and 182‑day, ₦500bn for 364‑day). Total subscription amounted to ₦3.62tn (oversubscribed ~5x). Allotments totaled ₦1.25tn, with ₦1.02tn in the 364‑day bill. The stop rates were as follows:
- 91‑day: 16.30% (unchanged)
- 182‑day: 16.50% (unchanged)
- 364‑day: 17.35% (down 31bps from 17.66%)
Investors showed overwhelming preference for the 364‑day bill, accepting lower yields due to abundant liquidity.
In Federal Government Bonds, the July 20 auction (settled July 22), left many investors with unfilled demand, which spilled into the secondary market this week. Secondary market turnover surged (about ₦1.9tn for the week), reflecting strong repositioning by investors who had missed out at the auction. OMO maturities (~₦2.18tn) injected liquidity into the system, enabling banks and institutional investors to bid aggressively in the secondary market. Average yields declined by about 30–40 basis points as investors chased available supply. The 2035, 2037, and 2038 re‑opened issues traded lower in yield compared to their marginal auction rates.
In OMO bills, an auction was held on the 28th of July. The offer size was ₦500bn, with subscriptions exceeding ₦1.2tn. Total allotments were around ₦600bn. This auction was part of the CBN’s liquidity management strategy — absorbing some of the ₦2.18tn system inflows from maturing OMO bills earlier in the week. The stop rates were as follows:
- 91‑day: 20.60%
- 119‑day: 20.29%
- 133‑day: 20.15%
OMO stop rates were significantly higher than NTB rates, reflecting CBN’s intent to sterilize excess liquidity from ₦2.18tn in OMO maturities earlier that week.
Daily Bitcoin Prices
Moving Average = $64,169.52
Previous Average = $65,425.7
Change = -1.9200%
Bitcoin Analysis
Our Bitcoin average fell by about 1.9% this week. This was brought on by a host of factors including profit taking by traders after rose above $65k; a stronger U.S. dollar and cautious equity markets that weighed on risk assets, including crypto; Trading volumes fell mid‑week, amplifying price swings, and ongoing uncertainty around U.S. crypto Exchange Traded Fund (ETF) approvals and EU compliance rules that kept sentiment cautious.
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