- Naira Depreciates to N1,361 Ahead of Pre-Election FX Demand
- Dangote Cement Hits N18trn Market Cap. Ahead of London Listing
- Fidelity Bank Gains 14%, Investment Firm Sees Huge Upside
- Nigerian Stock Market Cap. Declines by N206bn to N160.52trn
- Oyedele Seeks Support for SMEs to Drive Nigeria’s Economic Growth
- Cardano Price Drops to $0.21 as Selloffs Hit Altcoins
- Ethereum Falls as BitMEX Co-Founder Arthur Hayes ‘Dump It All’
- Solana Drops 2.20% to $101.28 as investors liquidate Positions
MarketNews
The Central Bank of Nigeria (CBN) allotted OMO bills to match the aggregate subscription from investors seeking high-yield naira assets at the primary market auction.
Nigerian deposit money banks (DMBs) placements at the Central Bank of Nigeria (CBN) Standing deposit Facility (SDF) window edged higher on midweek as the authority slowdown aggressive liquidity management action.
Excess liquidity in the Nigerian financial system surged about 33% after heavy OMO bill
The overnight lending rate dropped slightly as financial system liquidity conditions
The Nigerian naira firmed to ₦1,362.5543 per US dollar at the official window on Tuesday, as forex supply eclipsed international payment requests.
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.