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Money Markets
System liquidity declined today, opening in a deficit of ca ₦105.10 billion, lower than previous day’s opening balance of ca ₦39.15 billion. However, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 9.50% and 10.75% from 13.00% and 13.75% respectively, the previous day.
System liquidity improved today, opening with a balance of ca ₦39.15 billion, higher than previous day’s opening deficit of ca ₦72.26 billion, as inflows of ca ₦102 billion impacted the system from Open Market Operations (OMO) maturities. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 13.00% and 13.75% from 15.33% and 16.00% respectively, the previous day.
Interbank system liquidity opened in a deficit ca ₦72.26 billion, better than Friday’s opening deficit of ca ₦211.01 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 15.33% and 16.00% from 16.00% and 17.25% respectively, the previous day.
FIXED INCOME MARKET Money Markets Interbank system liquidity opened in a deficit ca -₦211.01 billion, […]
FIXED INCOME MARKET Money Markets Interbank system liquidity improved today, albeit still in a deficit […]
FIXED INCOME MARKET Money Markets Interbank system liquidity slipped further into a deficit to open […]
The Debt Management Office (DMO) concluded the book-building process for its triple-tranche Eurobonds offer, after […]
FIXED INCOME MARKET Money Markets Interbank system liquidity waned today, opening with a deficit balance […]
FIXED INCOME MARKET Money Markets Banking system liquidity opened the first day of the week, […]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its fifth monetary policy meeting of 2021 today, maintaining all key rates. Please see below, a summary of the committee’s decisions.
– Retain MPR at 11.50%
– Retain CRR at 27.50%
– Retain Liquidity ratio at 30%
– Maintain an asymmetric corridor at +100/–700 basis points around the MPR.
Key considerations by the MPC in retaining key policy rates were the nation’s positive growth, recording a Gross Domestic Product (GDP) growth of +5.01% in Q2 2021, and persistent drop in headline inflation at 17.01% in August 2021.
In its effort to keep track of illicit forex trading activities, the CBN governor re-emphasized that the only recognizable FX rate is the I&E FX rate. He also confirmed investigations into AbokiFX, an online platform that tracks the value of the Naira in the parallel market, for alleged Foreign Exchange (FX) speculation and manipulation. This comes after the Naira depreciated against the U.S. Dollar, to its lowest in history, at the parallel market window, trading at ₦570.00/$1.
