DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,362.5273
Previous Average = 1,365.3982
Change = +0.2103%
Forex Analysis
Our Naira to Dollar moving average rose by a marginal 0.2% this week. The naira traded with relative stability in both the official and parallel markets. Market participants reported balanced demand and supply, with fewer large corporate bids pushing rates upward. This week saw steady FX inflows oil receipts, exporters and remittances. The spread between the official and parallel rates narrowed to ₦40–₦60/$
Daily Crude Oil Prices
Moving Average = $89.21
Previous Average = $83.97
Change = +6.2403%
Crude Oil Analysis
Our Brent Crude moving average rose by about 6% this week. Market drivers of this week’s activity include:
- Fresh supply concerns as traders reacted to reports of tighter supply from OPEC+ producers, with some members signaling output discipline.
- Rising tensions in the Middle East and North Africa added a risk premium, pushing Brent above $93 mid‑week. In early August, reports concerning the Libyan oil sector indicated sporadic disruptions at key export terminals due to labor unrest and militia activity. Also there were rumors of strikes in the Algerian energy sector and concerns about fiscal pressures, though production itself remained steady.
NGX Top 10 Gainers for the week closing 14th Aug 2026
NGX Top 10 Losers for the week closing 14th Aug 2026
Stock Market Index Activity for the week closing 14th Aug 2026
Stock Market Index Analysis
Twenty-six (26) equities appreciated in price during the week, same as twenty-six (26) equities in the previous week. Fifty-nine (59) equities depreciated in price, lower than sixty-three (63) equities in the previous week, while sixty-two (62) equities remained unchanged, higher than fifty-eight (58) recorded in the previous week.
The week was a cautious one, with selling pressure easing when compared to last week. Overall market sentiment was neutral‑to‑slightly positive — breadth improved, but gains were modest. The balance of unchanged equities (62) suggests investors were holding positions, waiting for clearer macro signals (oil prices, FX stability, inflation).
Below is a sector by sector breakdown of performance for the week August 07 to August 14
Fixed-Income Analysis
Nigeria’s fixed‑income market was highly active this week.
In Nigerian Treasury Bills (NTBs), there was an auction on August 12th. For the 91-day bill, ₦20 billion was offered, subscriptions were ₦37.77 billion, with ₦20 billion allotted. Primary stop rates were unchanged from the last auction at 16.30%. For the 182-dy bill, ₦30 billion was offered, subscriptions were ₦54.52 billion, with ₦30 billion allotted. Primary stop rates were also unchanged at 16.50%. The 364-day bill by far saw the most action. ₦500bn offered, ₦4.19trn subscribed, and ₦1.26trn allotted. Despite overwhelming demand, the CBN raised the one‑year stop rate (from 17.35% to 17.59%), signaling its intent to keep borrowing costs elevated and sterilize liquidity.
In Federal Government (FGN) Bonds, there were no new auctions but one has been announced for August 17th. Secondary market turnover was ₦1.02 trillion. Yields fell across the curve, highlighting strong investor demand and abundant liquidity. Average yields fell by about 24 basis points (bps) to 16.8%. Short‑term bonds saw the sharpest yield drop (fell by about 52bps). Medium‑term bonds declined by 21bps, while long‑term bonds eased by 13bps. The upcoming ₦1.1 trillion bond auction (Aug 17) likely influenced secondary market positioning, as investors adjusted portfolios ahead of new supply.
OMO bills remained the most dominant instrument, attracting massive oversubscription at yields above 20% for the auction held on August 13th. ₦600bn was offered across the 103‑day and 138‑day bills, with ₦200bn offered for the former and ₦400bn for the latter. Subscriptions were ₦1.72 trillion and ₦3.21 trillion respectively with ₦860 billion for the 103-day bill and ₦1.74 trillion allotted for the 138-day bill. Primary auction stop rates were 20.39% and 20.01% respectively. OMO bills remained the most attractive short‑term instrument, with yields about 400bps above comparable NTBs, drawing huge demand from both institutional and retail investors.
Overall, system liquidity stayed elevated (about ₦3.5trn net long), fueling strong demand across all instruments.
Daily Bitcoin Prices
Moving Average = $63,851.09
Previous Average = $64,169.52
Change = -0.4962%
Bitcoin Analysis
Our Bitcoin moving average has fallen for the 3rd week in a row this time by a rather mild 0.5%. A number of factors are responsible this week’s downward movement, including profit-taking by traders after holding near $65, thus pushing prices lower; Rising U.S. Treasury yields and stronger dollar weighing on risk assets, including Bitcoin and oil’s rally reinforcing inflation concerns, which paradoxically boosted dollar demand and pressured crypto. Market sentiment is still broadly constructive, but cautious — traders are waiting for clearer signals from macro data and regulatory headlines.
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