Nigeria money market news

Here are some recent news and updates on the Nigerian money market:

Recent Developments:

  1. Nigerian Treasury Bills (NTBs) Auction: The Central Bank of Nigeria (CBN) conducted a successful auction of NTBs, issuing N1.35 trillion worth of bills with maturities ranging from 91 days to 364 days. The auction saw a high demand for the 364-day bill, with a stop rate of 12.50%.
  2. Money Market Rates: The overnight lending rate in the money market has remained stable, ranging between 15.50% and 16.50% due to the CBN's intervention in the market.
  3. Commercial Paper (CP) Market: The CP market has seen an increase in issuance, with companies like MTN Nigeria and Airtel Nigeria issuing CPs to raise funds.
  4. Open Market Operations (OMO): The CBN has continued to conduct OMO auctions to absorb excess liquidity in the market and maintain stability.

News and Updates:

  1. CBN to Intervene in Money Market: The CBN has announced plans to intervene in the money market to ensure liquidity and stability, following a decline in the country's foreign reserves.
  2. Nigerian Banks' Profit Decline: The profit of Nigerian banks has declined due to the economic downturn and increased competition in the industry.
  3. Money Market Players Seek CBN's Intervention: Money market players have called on the CBN to intervene in the market to address the liquidity crisis and stabilize the economy.
  4. Nigerian Government to Issue Eurobond: The Nigerian government is planning to issue a Eurobond to raise funds for infrastructure development and other projects.

Market Analysis:

  1. Money Market Outlook: The money market is expected to remain volatile in the short term due to the economic uncertainty and the CBN's intervention in the market.
  2. Interest Rate Expectations: The interest rate environment is expected to remain stable in the short term, with the CBN maintaining its current monetary policy stance.
  3. Currency Market: The naira is expected to remain stable in the short term, with the CBN's intervention in the foreign exchange market helping to maintain stability.

Sources:

  1. Central Bank of Nigeria (CBN)
  2. Nigerian Stock Exchange (NSE)
  3. Financial Times
  4. Bloomberg
  5. Reuters

Please note that the information provided is subject to change and may not be up-to-date. It is recommended to verify the information with reliable sources before making any investment decisions.