Deposit Money Banks (DMBs), foreign portfolio investors (FPIs) chased Nigerian OMO bills with total subscription of N2.2 trillion, surpassing the offer size.

The money market has been flooded with a significant surge in liquidity amidst the latest open market operation auction, where the Central Bank auctioned OMO bills worth N600 billion for subscription. 

The Central Bank of Nigeria (CBN) allotted OMO bills with 141 days to maturity worth N2.523 trillion at the spot rate of 20.10% on Monday to banks and foreign portfolio investors (FPIs).

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.