Interbank Rates Ease as Remita, OMO Inflows Boost Liquidity

Interbank Rates Ease as Remita, OMO Inflows Boost Liquidity

Interbank rates slid as liquidity balance in the finance system improved, though still in deficit following latest inflows from Remita and OMO bills repayment. 

The deficit eased by 95%, according to TrustBanc Financial Group Limited, opening the day with a negative balance of ₦20.24 billion. Analysts attributed liquidity adjustment experience in the financial market OMO repayments worth ₦253 billion which was credited into the system.

The banking system also witnessed substantial Remita inflows, which supported the liquidity boost. Despite these, the short-term benchmark rates remained elevated.

Specifically, the Overnight Policy Rate (OPR) decreased by 12 bps to close at 31.96%, while the Overnight Rate (O/N) dropped by 33 bps, settling at 32.25%.

Market analysts expects funding rates to remain tight given the current liquidity position. # Interbank Rates Ease as Remita, OMO Inflows Boost Liquidity Goldman Sachs, IFC Partner African Banks to Empower Women Entrepreneurs