{"id":380179,"date":"2011-04-14T00:31:16","date_gmt":"2011-04-14T00:31:16","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/14\/interbank-money-market-records-n403bn-net-outflow-in-march-%e2%80%93-fmda\/"},"modified":"2011-04-14T00:31:16","modified_gmt":"2011-04-14T00:31:16","slug":"interbank-money-market-records-n403bn-net-outflow-in-march-fmda","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/14\/interbank-money-market-records-n403bn-net-outflow-in-march-fmda\/","title":{"rendered":"Interbank money market records N403bn net outflow in March \u2013 FMDA"},"content":{"rendered":"
\n

By Babajide Komolafe
The Interbank money market recorded net outflow of N403.72bn in March, says Financial Market Dealers Association (FMDA)<\/p>\n

The Association, which is the umbrella body of banks\u2019 treasurers, said in its monthly economic and financial report that the market recorded total outflows of N903.05bn from foreign exchange funding of N595bn, \u2013 autonomous sources inclusive; Bond auction N60bn\u00a0 and treasury bills auction of N248.05bn against the total inflows of N499.33bn through Federation Accounts\u00a0 Allocation Committee (FAAC) funds N244bn, matured bills of N165.33bn, and personnel fund N90bn.<\/p>\n

Reviewing develop-ments in the interbank money market during the month, the report said, \u201cActivities in the Inter-bank market were significantly influenced by the twins\u2019 factor of 100 basis points increase in the Monetary Policy Rate (MPR) from 6.50% to 7.50% and the market illiquidity experienced in the month.<\/p>\n

\u201cYou will recall that the market was thrown into negative position late in the previous month, as a result of huge outflows from foreign exchange funding and further withdrawal by the NNPC.<\/p>\n

\u201cThis, by extension impacted the market in the first week of the month, as rates recorded upward movement across all the tenors to signal illiquidity in the system.<\/p>\n

\u201cThe second week marked a significant rise in the rates in the market. It trended upward in an increasing rate, defied pockets of inflows from matured bills up to the third week. In-between the second week, rates recorded a weekly average of 9.8083% for overnight\/Call and 10.1167% for 7 days money.<\/p>\n

Rates moderated late in the third week as a result of N244.00bn\u00a0 FAAC funds and N90.0bn personnel cost funds.<\/p>\n

Accounted for the sharp upward movement in the inter-bank market rate from the second week through the third and fourth week, with minor moderation in the third week were huge outflows occasioned by foreign exchange funding of $3.805bn (approximately N595.00bn), treasury bills and Bond funding of N248.05bn and N60.00bn respectively.<\/p>\n

On a weekly average, rates moved from 8.0521% for Call and 8.9063% for 7 days money in the first week of the month, moderated marginally upward to 9.8083% for Call and 10.1167% for 7 days money in the second week, and subsided late in the third week due to injection of funds \u2013 FAAC, Matured bills and personnel cost.<\/p>\n

The fourth and the last week of the month marked the twins effect of policy change and illiquidity in the market, as rates went up to average 10.2967% for Call and 10.9000% for 7 days money and Treasury bills in the fourth week and further up to 10.8646% for overnight\/Call and 11.4500% in the fifth week.<\/p>\n<\/p><\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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\nInterbank money market records N403bn net outflow in March \u2013 FMDA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Babajide Komolafe The Interbank money market recorded net outflow of N403.72bn in March, says Financial Market Dealers Association (FMDA) The Association, which is the umbrella body of banks\u2019 treasurers, said in its monthly economic and financial report that the market recorded total outflows of N903.05bn from foreign exchange funding of N595bn, \u2013 autonomous sources inclusive; Bond auction N60bn\u00a0 and treasury bills auction of N248.05bn against the total inflows of N499.33bn through Federation Accounts\u00a0 Allocation Committee (FAAC) funds N244bn, matured bills of N165.33bn, and personnel fund N90bn. Reviewing develop-ments in the interbank money market during the month, the report said, \u201cActivities in the Inter-bank market were significantly influenced by the twins\u2019 factor of 100 basis points increase in the Monetary Policy Rate (MPR) from 6.50% to 7.50% and the market illiquidity experienced in the month. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380179","post","type-post","status-publish","format-standard"],"yoast_head":"\nInterbank money market records N403bn net outflow in March \u2013 FMDA - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/14\/interbank-money-market-records-n403bn-net-outflow-in-march-fmda\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Interbank money market records N403bn net outflow in March \u2013 FMDA - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Babajide Komolafe The Interbank money market recorded net outflow of N403.72bn in March, says Financial Market Dealers Association (FMDA) The Association, which is the umbrella body of banks\u2019 treasurers, said in its monthly economic and financial report that the market recorded total outflows of N903.05bn from foreign exchange funding of N595bn, \u2013 autonomous sources inclusive; Bond auction N60bn\u00a0 and treasury bills auction of N248.05bn against the total inflows of N499.33bn through Federation Accounts\u00a0 Allocation Committee (FAAC) funds N244bn, matured bills of N165.33bn, and personnel fund N90bn. 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