Overview

Yields began to moderate as expected in January, particularly in the Treasury bills market, while significant demand at the series of primary market auctions saw moderation in rates as well. The FX market started the year fairly stable with continued efforts by the Central Bank of Nigeria to enforce regulations and improve transparency within that space. On the global scene, oil prices are being affected by uncertainties around global trade amidst new tariffs being announced by the new administration in the US, as well as an improved supply outlook.

In the fixed-income space, robust system liquidity drove increased demand for high-yield investments, leading to mixed movements in yields across T-bills, OMO bills, and FGN bonds. Meanwhile, the equities market saw positive momentum, with the NGX All-Share Index gaining 1.53%, led by strong performances in banking stocks.

Oil prices experienced volatility, peaking early in the month due to US sanctions and supply constraints but declining as trade concerns resurfaced. The naira appreciated in both official and parallel markets, supported by enhanced FX regulations and transparency measures.

On the global front, the Federal Reserve maintained interest rates, while geopolitical and trade policy shifts continued to shape market dynamics.

Explore the full report for deeper insights into these trends and their implications for investors.

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