By Cordros Capital
Analysts at Cordros Capital have disclosed that the overnight money market rate surged 3675 bps to 59.25 percent, from last week’s 22.50 percent, reflecting tight liquidity position for the week.
The rate rose to as high as 107.75 percent during the week, the highest since June, before moderating to 52.21 percent on Thursday amid an inflow of N113.05 billion via matured OMO bills.
This week’s sizable expansion is attributable to the persistent withdrawal via OMO auctions held by the apex bank throughout the week save for Tuesday.
In all, N83.43 billion (vs. N180 billion offered) was sold, comprising N1.20 billion of the shorter-dated bills and N82.23 billion of the longer-tenured bills, at respective stop rates of 17.95 percent and 18.55 percent.
In addition, outflows via forex sale of $195 million further pressured liquidity.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
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