Money market yesterday was awash with liquidity as the Nigeria Inter-Bank Offer Rates (NIBOR) dropped significantly across tenor buckets.
For instance, call tenor dropped to 10.75 percent from 15.37 percent, the previous day. Similarly, 7 days and 30 days tenors went down to 11.20 percent and 11.58 percent from 15.62 percent and 15.79 percent, respectively, the previous day.
An analyst from Cowry Asset said in a text message, “There was maturing treasury bills today worth N261 billion which more than offset the outflow thereby generating a net inflow of about N128 billion”.
An analyst from Ecobank who spoke with BusinessDay on phone attributed the moderation in rates at which banks lend to each other to payment of mature treasury bills valued at N261.23 billion through Open Market Operation (OMO) auction by the Central Bank of Nigeria (CBN).
Naira, yesterday, eased significantly against the US dollar, losing 66 kobo at the inter-bank market to close at N158.20/$ as against N157.53/$, the previous day, data from the Nigeria Markets Dealers Association (FMDA) have shown.
HOPE MOSES-ASHIKE
