Money market rates hold at 20% despite N2.42trn liquidity outflow

Nigeria’s money-market interest rates remained elevated at about 20 per cent despite a N2.42 trillion withdrawal from the banking system, as excess liquidity of N6.09 trillion continued to cushion the impact of recent Open Market Operations (OMO) settlements.The development indicates that substantial cash balances remain available across the financial system, even as the Central Bank of Nigeria (CBN) intensifies efforts to mop up surplus funds through its securities operations.