ThisDay· 1h ago· 1 min read
Nume Ekeghe
Liquidity in banking system declined sharply by 18.4 per cent last week as monetary tightening by the Central Bank of Nigeria (CBN), offset sizeable market inflows, highlighting the monetary authority's continued determination to contain excess liquidity and inflationary pressures.
According to the Financial Markets Dealers Association (FMDA) Weekly Market Snapshot, system liquidity fell to N3.78 trillion from N4.63 trillion recorded in the previous week following the impact of CBN's Cash Reserve Ratio (CRR) debits, a private Open Market Operations (OMO) auction and the Federal Government bond auction conducted by the Debt Management Office (DMO).
The report noted that the DMO allotted N929.32 billion during the bond auction, further withdrawing liquidity from the financial system even as the CBN maintained its liquidity management operations.
Despite the liquidity…
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