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MarketNews
The overnight lending rate rose as liquidity conditions in the financial system tightened
The Nigerian overnight financing rate (NOFR) was steadied at 22% amid fluctuations in banking system liquidity, market analysts said in a separate report.
The banking system’s excess liquidity surged as the monetary authority maintained its stance of economic tightening while seeking to tame Nigeria’s double-digit headline inflation.
The Central Bank of Nigeria (CBN) is scheduled to open N650 billion worth of Treasury bills for subscription at the primary market auction on Wednesday, according to details from the circular released.
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.