Overnight inter-bank rate declines 6.62 point on absence of OMO auction

OMO auction

The banking system has been awash with liquidity in the absence of Open Market Operation (OMO) by the Central Bank of Nigeria (CBN), which has resulted in a steady decline of rates in the money market. Consequently, the overnight inter-bank rate, which is the rate at which banks borrow and lend to each other, has…

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