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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.
The naira rose against the US dollar at the Nigerian Foreign Exchange Market (NFEM) amidst a 132% surge in forex market turnover, reflecting increased trading activities at the official window.
Interbank rates were mixed last week as banking system liquidity declined by approximately 21% to close at about N3 trillion.
Nigerian Treasury bill yields slipped as investors moved newly issued papers into the secondary market following more than N2.4 trillion in subscription rejections at the midweek auction.
Short-term benchmark interest rates diverged as banking system liquidity balance declined sharply
The Nigerian money market rates closed mixed on Wednesday as financial system liquidity declined by 38% on the day due to the settlement of the OMO bills auction.
The Central Bank of Nigeria (CBN) further chopped the discount rate on Nigerian Treasury bills