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MarketNews
Investors in Nigeria’s financial market are positioning ahead of a major primary market auction (PMA) this Wednesday, with ₦ 800 billion in treasury bills up for subscription.
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.
The Central Bank of Nigeria (CBN) floated a fresh OMO bill for subscription on Tuesday, aiming to raise N600 billion across three tenors.