The excess liquidity prevailing in the interbank money market will persist this week due to inflows of over ₦1 trillion expected from matured treasury bills and statutory allocation to the three tiers of government. The Federation Accounts Allocation Committee, FAAC, meeting held on Friday ended with the three tiers of government sharing ₦821 billion as […]
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The Nigeria’s Central Bank will this week step up its liquidity mop-up in a bid to offset impact of ₦333 billion inflows into the interbank money market. Already, the apex bank is scheduled to mop-up ₦174.15 billion this Wednesday through Open Market Operation (OMO) treasury bills (bills) auction. The auction comprises 91-day bills worth ₦39.01 […]
Read More Nigeria’s interbank lending rate climbed by around 20 percentage points at the weekend after the Central Bank of Nigeria’s (CBN’s) sale of dollar forwards to offset a backlog of forex obligations drained cash from the money market. The overnight lending rate stood at 50 per cent against 29.33 per cent the previous day because commercial […]
Read More Foreign exchange (forex) speculators have lost over N100 million in the last three days after the Central Bank of Nigeria (CBN) injected fresh dollars into the interbank market. Many of them panicked as news about the CBN’s intervention hit the market. This was in continuation of its strategy to strengthen the value of the naira. […]
Read More The Central Bank of Nigeria (CBN) at the weekend, sold about N51 billion ($168 million) worth of treasury bills to mop up liquidity even as the overnight lending rate traded flat around 10 per cent, traders said. The bank sold N25 billion of 174-day open market operation bills at 18 per cent and N26 billion […]
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Overnight interbank rate rose to a record high of 150 per cent on Tuesday, two days after commercial banks placed funds with the Central Bank of Nigeria to participate in last Friday’s currency forward auction. Traders said few deals were done on Tuesday due to a shortage of naira on the money market, with banks […]
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