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MarketNews
Nigerian OMO bills auctioned by the Central Bank last week attracted N6.1 trillion from investors chasing double-digit returns on naira-denominated assets.
The Central Bank of Nigeria (CBN) cut interest rates on Nigerian Treasury bills across the 182- and 364-day tenors at the midweek auction, according to details from the results release.
CBN to Open N1.05trn Nigerian Treasury Bills for Subscriptions The Central Bank of Nigeria (CBN)…
Reflecting the absence of financial pressures, the overnight interest rate has declined following a significant rise in money market liquidity, which has now reached N6.8 trillion.
The interest rate differential between Open Market Operations (OMO) and Nigerian Treasury bills has widened significantly, driven by the Central Bank of Nigeria’s (CBN) decisive actions to draw hot money into the economy.
Repo and overnight lending rates diverged as banks’ deposits at the Central Bank’s Standing Deposit Facility fell following the midweek Treasury bills auction.
Overnight lending rate fell, while repo rate stayed unchanged on the back of surplus money market liquidity, supported by activities of banks and primary market repayment.