DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,365.3982
Previous Average = 1,365.8081
Change = +0.0300%
Forex Analysis
Our Naira to Dollar moving average rose for the third week running, but an ever so small margin of 0.03%. This came on the back of continued CBN interventions through the sale of dollars via the NFEM to authorized dealers and modest increase in Nigeria’s external reserves position.
Importer demand, speculative activity, and limited dollar supply in informal channels, however caused the spread between the official and parallel rates to spread to about ₦56–₦63/$1.
Daily Crude Oil Prices
Moving Average = $83.97
Previous Average = $91.20
Change = -7.9276%
Crude Oil Analysis
Our Brent Crude average fell by about 8%. Reasons include, a firmer dollar made crude more expensive for non‑US buyers, pressuring demand; US stockpile reports showing higher‑than‑expected crude inventories, signaling weaker demand; market chatter suggested OPEC+ members were maintaining output levels, easing supply concerns, and profit-taking by traders after Brent briefly reached $90.
NGX Top 10 Gainers for the week closing 7th Aug 2026
NGX Top 10 Losers for the week closing 7th Aug 2026
Stock Market Index Activity for the week closing 7th Aug 2026
Stock Market Index Analysis
Twenty-six (26) equities appreciated in price during the week, lower than thirty-three (33) equities in the previous week. Sixty-three (63) equities depreciated in price, higher than fifty-six (56) equities in the previous week, while fifty-eight (58) equities remained unchanged, same as fifty-eight (58) recorded in the previous week.
Financials such as FCMB Group and First Holdco benefited from strong earnings guidance and expectations of improved net interest margins amid tight liquidity.
Insurance names like Fortis Global Insurance, Linkage Assurance, and Cornerstone Insurance rallied on regulatory reforms that boosted confidence in underwriting capacity.
Industrial and energy stocks such as Eterna and Vitafoam gained from resilient demand and cost‑management strategies, while Nigeria REIT attracted inflows as investors sought yield in property‑linked assets.
Thomas Wyatt and Trans‑Nationwide Express fell on thin liquidity and operational challenges. Critical Minerals Financing Corp and Multiverse Mining were hit by commodity price softness and investor caution toward mining equities.
Financials like Ecobank Transnational and Consolidated Hallmark Holdings declined on earnings concerns and sector rotation away from riskier banks and insurers.
Tech and agro‑linked names such as Legend Internet and Zichis Agro Allied suffered from weak investor confidence and limited liquidity, while Sunu Assurances slid on regulatory headwinds in the insurance space.
Overall, the market was pressured by profit‑taking and liquidity tightening from the fixed‑income side, with investors cautious and selective, leading to a net bearish breadth despite pockets of resilience in some insurance and consumer stocks.
Below is a sector by sector breakdown of performance for the week July 31 to August 07
Fixed-Income Analysis
Between July 31 and August 7, 2026, the Nigerian government securities market was shaped by aggressive liquidity management.
In Nigerian Treasury Bills (NTBs), the Debt Management Office (DMO) cancelled an auction planned for August 5th. Secondary Market trading took centre stage. Turnover was about ₦214.6 billion, according to FMDQ OTC data. This reflected active trading despite the cancellation of the scheduled August 5 auction, as investors redirected liquidity into existing bills. Yields averaged 18.2%, with short‑tenor yields rising slightly and long‑tenor yields easing. Trading volume concentrated in mid‑ to long‑tenor bills (161‑day, 322‑day, 351‑day).
In Federal Government (FGN) Bonds, there was light trading. Average yields fell to about 16.9–17.0%. There was strong appetite for benchmark bonds (Feb 2031, Jul 2034, Jun 2038). This compressed yields by up to 32bps. Secondary market turnover was about ₦150bn.
In OMO Bills, there were back to back auctions on the 3rd and 4th of August, 2026. The auctions mopped up about ₦4.69tn in excess liquidity. The huge mop up was the reason that the NTB auction slated for the 5th of August was cancelled. Primary auction stop rates were clustered around 19.9%-20.35%
Daily Bitcoin Prices
Moving Average = $63,930.82
Previous Average = $64,169.52
Change = -0.3720%
Bitcoin Analysis
Our Bitcoin moving average fell by about 0.4% this week. This was caused by the following drivers:
- Nearly $10bn in Bitcoin options contracts expired on July 31, shifting positioning from bullish calls to protective puts and sparking a sell‑off.
- Hawkish tones from the Federal Reserve Bank unsettled risk sentiment, raising concerns about tighter liquidity.
- Institutional inflows remained weak, with July posting record‑low net inflows, dampening confidence.
- Falling oil prices signaled softer global growth, dampening risk appetite for alternative assets like crypto.
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