Nigerian Senate approves supplementary budget – 07 July 2021

The Nigerian Senate on 07 July 2021, approved the Federal Government’s request to borrow ca $6.1 billion (₦2.343 trillion) from Multilateral and Bilateral tenders as well as the international Capital Market. This borrowing, which was already approved in the Appropriation Act 2021 as part of the 2021 budget is expected to part-finance the 2021 budget deficit of ₦5.6 trillion.

FINANCIAL MARKETS TODAY – 06 July 2021

System Liquidity opened with a balance of ca ₦205.76 billion today,
higher than previous day’s opening of ca ₦170.94 billion, as inflows
from OMO maturities impacted the system. As a result, the Open
Buy Back (OBB) and Overnight (ON) rates trended lower to settle at
9.75% and 10.25% from 10.25% and 10.75% respectively, yesterday.

FINANCIAL MARKETS TODAY – 05 July 2021

Banking system Liquidity Improved significantly, to open with ca
₦170.94 billion today, higher than Friday’s opening of ca -₦36.09
billion. As a result, the Open Buy Back (OBB) and Overnight (ON)
rates trended lower to settle at 10.25% and 10.75% from 12.00%
and 12.50% respectively, on Friday.

FINANCIAL MARKETS TODAY – 02 July 2021

Liquidity in the banking system opened in a deficit of ca -₦36.09 billion today, lower than the previous day’s opening of ca ₦26.59 billion. As a result, the Open Buy Back (OBB) and Overnight (ON) rates trended slightly higher to settle at 12.00% and 12.50% from 11.50% and 12.00% respectively, the previous day.

FINANCIAL MARKETS TODAY – 01 July 2021

Liquidity in the banking system opened at ca ₦26.59 billion, lower than previous day’s opening of ca ₦201.25 billion. However, with no significant funding activity the Open Buy Back (OBB) and Overnight (ON) rates remained unchanged at 11.50% and 12.00%, respectively.