The Nigerian money market rates marginally appreciated by 0.21 percent to settle at 3.29 percent at the end of last week.
The Open Buy-Back (OBB) rate soared to 3 percent yesterday from 2.83 percent in the previous session, while the Overnight (OVN) rate advanced to 3.58 percent from 3.33 percent.
It was observed that the growth in the money market rates was as system liquidity remained significantly buoyant at around N580 billion long, following inflows from OMO T-bill maturities, which was more than offset outflows from today’s OMO sale.
]“Auction demand, if this happens, is however expected to remain weak, as market players have shown stronger preference for liquidity in anticipation of funding for their retail FX bids on Friday,” analysts at Zedcrest Research said.
