Rates may trend higher as market expects OMO mop-up this week
IN THE ABSENCE OF CBN’s frequent open market operation (OMO) mop-ups last week, which saw activities in the money market largely driven by the primary market auction (PMA) as well as maturities from treasury bills and OMO instruments in the later part of the week, traders and analysts say they expect the CBN to conduct […]
Analysts expect higher rates in money market instruments this week
Analysts at Afrinvest (West Africa) Ltd., a research and independent investment banking firm, are expecting money market rates to trend slightly higher in this week. The analysts in their preview for last week expect the increase in the money market rate on the back of expected OMO mop-ups and the planned Wednesday DMO bond auction […]
Nigerian banks’ overnight rates moderate as N93.74bn maturing OMO bills hit the system
Nigerian interbank overnight rate, which rose to148 percent Monday as banks scramble to muster naira liquidity to cover their positions after participating in the mandatory Central Bank of Nigeria (CBN) open market operation (OMO) bills auction on the day, moderated Tuesday to 120.08 percent. The rates monitored on the FMDQ platform indicate overnight rate falling […]