By Dipo Olowookere
The overnight lending rate significantly increased on Monday to 8.17 percent from 3.33 percent recorded in the last session.
This came on the back of system outflows for Wholesale foreign exchange interventions by the Central Bank of Nigeria (CBN).
This consequently squeezed system liquidity further to about N150 billion as at close of business yesterday.
Also yesterday, the open buy back (OBB) rate went up to 7.58 percent from 2.83 percent in the previous session.
According to analysts at Zedcrest Research, the rates are expected to decline slightly today as there are no significant funding pressures expected.
Meanwhile, the treasury bills market was scantily traded on Monday with slight sell witnessed on the shorter end of the curve, following outflows for wholesale FX interventions by the CBN.
Sentiments in the market are expected to remain mixed as market players anticipate another OMO auction on Thursday when N273 billion worth bills mature at the market.
more recommended stories
Market to See Mix of Profit Taking, Bargain Hunting This Week
By Modupe Gbadeyanka The positive vibe.
Nigeria’s Manufacturing PMI Sustains Faster Growth Rate in May
By Dipo Olowookere The Central Bank.
NSE Bars Stockbrokers, Others from Capital Market for Fraud
By Dipo Olowookere No fewer than.
N8.7bn Financial Stocks Exchanged Hands in One Week
By Dipo Olowookere A total turnover.
MTN Nigeria Suffers First Loss at Stock Market
By Dipo Olowookere For the first.
Stockbrokers Institute Offers 31 Financial Journalists Scholarship
A total of 31 financial journalists.
ABCON Urges Members to Shun Gmail, Yahoo
Over 4,500 Licenced Bureau de Change.
How to Achieve Total Agric Transformation in Nigeria–Obasanjo
By Dipo Olowookere Former President Olusegun.