Money Market Rate and Open Repo Rate declined as a result of liquidity in the financial system.
The decline was ahead expected FAAC credit inflows in the new week.
The market expects Federal Account Allocation Committee (FAAC) credits to hit the system in the new week in addition to about ₦215.00 billion in FGN bond coupons.
The Open Repo Rate (OPR) dipped by 22 basis points week on week to settle at 31.39% in the money market on Friday. Likewise, the overnight lending rate crashed by 43 basis points to 32.02%.
According to FMDQ Securities exchange data, the liquidity level improved last week after N200 billion inflows from Remita payments.
FGN bond coupon payments worth N65.36 billion, and OMO maturities of N16.00 billion hit the system, Cordros Capital Limited said in a note.
The investment firm said subsequently, the week’s average liquidity remained at a net long position, settling at N870.92 billion from N1.44 trillion in the previous week.
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