Nigeria Daily Market Snapshot for Tuesday, 22 September 2026, highlighting today’s key market developments across the equities, fixed income and money market.
Below is a summary of today’s Nigerian financial market performance and our expectations for tomorrow.
EQUITY MARKET.
The domestic bourse extended its bullish run to a ninth consecutive session, gaining 18bps d/d, equivalent to a ₦297.21bn increase in market capitalisation.
Today’s rally was largely driven by banking tickers, potentially signalling renewed FPI positioning in Nigerian equities, given that banking stocks typically offer the liquidity profile that remains a key consideration for foreign portfolio investors.
Outlook: We posit that the market will maintain its positive bias tomorrow. Today’s sizeable 350bps reduction in the MPR by the CBN presents a favourable near-term backdrop for non-banking stocks, potentially supporting upward valuation reassessments and renewed investor interest in moderately leveraged real-sector companies.
BOND MARKET.
The domestic secondary bond market traded largely quiet today, with meaningful traction recorded in only three of the ten benchmark papers under our coverage.
The FGN MAR-2027 and JUN-2038 papers recorded modest yield declines of 0.01bp and 0.08bps to 19.2% and 16.7%, respectively, reflecting buying interest across both maturities. Conversely, the JUN-2053 paper recorded a marginal 0.01bp yield uptick to 14.8%, reflecting mild selling pressure.
Outlook: We anticipate cautious trading in the secondary bond market tomorrow, as participants await signals from the NT-bills PMA on the potential magnitude of yield realignment across the broader fixed-income market.
MONEY MARKET.
Bulls dominated both segments of the secondary money market today.
In the NT-bills segment, yields contracted by 1.0bp across the curve, reflecting broad-based demand for short-term instruments.
Likewise, in the OMO bills segment, yields tapered by 1.0bp across the tracked tenors, highlighting sustained buying interest in the segment.
Outlook: Tomorrow, the CBN will conduct the final NT-bills primary market auction for Q3:2026, offering instruments across the 90-day (₦100.00bn), 182-day (₦100.00bn), and 364-day (₦300.00bn) maturities. We expect stop rates to adjust modestly lower, particularly at the head and belly of the curve, following today’s sizeable MPR cut.
