The money market rates saw a sharp surge on Monday, June 26, with the Open Buy Back, OBB, and Overnight, OVN rates closing at 11.33 percent and 12.83 percent respectively.
This followed the resumption in Open Market Operations, OMO auction by the Central Bank of Nigeria CBN and funding by banks for their wholesale foreign exchange bids.
System liquidity is consequently estimated to compress to N200 billion from N450 billion previously.
“We expect rates to trend lower tomorrow as there are no significant funding pressures expected,” Zedcrest Research analysts revealed.
