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MarketNews
The Central Bank of Nigeria (CBN) turned down more than N2.4 trillion in investors’ money as total subscription at the open market operation topped N4.6 trillion, according to auction results reviewed by MarketForces Africa.
Money Market Rates Mixed as Liquidity Drops by 39% Money market rates showed mixed performance…
Open repo, and overnight lending rates were steadied despite a surge in liquidity level in the financial system last week. The money market closed with excess liquidity of about N6 trillion despite primary market auctions.
The Nigerian financial system liquidity spiked more than 40% following a significant OMO bill repayment by the Apex Bank to eligible investors on Tuesday.
The Central Bank of Nigeria (CBN) floated a fresh OMO bill for subscription on Tuesday, aiming to raise N600 billion across three tenors.
The Central Bank of Nigeria (CBN) sold OMO bills worth N3.3 trillion across two major open market operations to tighten liquidity in the financial system, according to auctions that slowed last week.
Excess liquidity in the financial system, totalling N6.2 trillion, kept short-term money market rates steady as banks continue to place funds with the Central Bank.