DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,329.5839
Previous Average = 1,328.6479
Change = -0.07.045%
Forex Analysis
Our naira to dollar moving average fell ever so slightly this week, just by about 0.07%. The stability was suggestive of CBN interventions in the official through the direct supply of dollars to the official window. Demand from importers, tuition payments, and retail FX buyers kept pressure on the naira in the parallel market. The spread between the official and parallel rates remained in the ₦55–₦61.
Daily Crude Oil Prices
Moving Average = $103.40
Previous Average = $105.50
Change = -1.9905%
Crude Oil Analysis
Our Brent crude moving average fell by about 2% this week. This is despite the attack on Saudi oil infrastructure by Iran-backed rebels. The attack’s effect was short-lived because Saudi’s Aramco quickly rerouted crude flows through alternative pipelines and Red Sea ports, minimizing disruption. Strategic reserves and diversified shipping routes also cushioned the immediate impact. Furthermore, ongoing U.S.–Iran truce talks in New York reassured markets that the escalation risk might be contained.
OPEC+ hinted at maintaining supply discipline but it wasn’t enough to overcome the bearish sentiment concerning slower industrial activity in Europe and Asia. A firmer dollar also made crude more expensive for non‑U.S. buyers, adding downward pressure early in the week.
NGX Top 10 Gainers for the week closing 25th Sept 2026
NGX Top 10 Losers for the week closing 25th Sept 2026
Stock Market Index Activity for the week closing 25th Sept 2026
Stock Market Index Analysis
Fixed-Income Analysis
This week, the fixed-income market was defined by massive oversubscription in Nigerian Treasury Bills (NTBs), Open Market Operations (OMO)‑driven secondary turnover, and easing yields across bonds and bills. Liquidity absorption by the CBN kept conditions tight, but investor demand remained robust, particularly for long‑dated instruments.
For the NTB auction, the details are in the table below:
For Federal Government (FGN) Bonds, there were no new auctions as there already has been one this month. Secondary market turnover stood at about ₦420bn with yields averaging 16.3%.
In OMO bills, like FGN Bonds, there were no new auctions this week. Secondary market turnover however was a massive ₦1.18tn, accounting for the bulk of the turnover the fixed income market this week. Average yields were roughly 20.2%.
Daily Bitcoin Prices
Moving Average = $84,908.72
Previous Average = $76,821.77
Change = +10.5269%
Bitcoin Analysis
This week out Bitcoin moving average jumped by a whopping 10.5%. The rally was fueled by over $2 billion in Exchange Traded Funds (ETF) inflows, a wave of short liquidations, and renewed institutional demand, pushing the broader crypto market back toward the $3 trillion mark.
U.S. spot Bitcoin ETFs saw $433m inflows on Sept 18, $998m on Sept 21, and $715m on Sept 22. Total inflows exceeded $2.1bn across three sessions, reversing mid‑September outflows. Heavy short positioning from the mid‑September dip was unwound as prices broke resistance, forcing liquidations that amplified the rally. Corporate treasury purchases and ETF creations added to momentum.
Please note that there is no report on the stock market this week as NGX did not release its customary report this week. We regret the inconvenience.”
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