• Tuesday, July 23, 2024
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N711bn FAAC injection lowers inter-bank rates


Money market yesterday was awash with liquidity as the Nigeria Inter-Bank Offer Rates (NIBOR) dropped significantly across tenor buckets.

For instance, call tenor increased to 10.25 percent from 14.08 percent, the previous day. Similarly, 7 days and 30 days tenors climbed to 10.58 percent and 10.87 percent from 14.29 percent and 11.54 percent, respectively, the previous day.

Analysts at Cowry Asset told BusinessDay in a text message that inter-bank rates are still under the influence of Federation Accounts Allocation Committee (FAAC) N711 billion.

Naira yesterday strengthened against the US dollar gaining 05 kobo at the inter-bank market to close at N158.30/$ compared to N158.35/$, the previous day, data from the Nigerian Markets Dealers Association (FMDA) have shown.