Nigeria money-market rates fall as banking liquidity reaches N7.45tn
Short-term funding costs in Nigeria have declined after liquidity in the banking system rose to N7.45tn. Punch Nigeria reports that the increase in available funds eased money-market rates, but the supplied information gives no further breakdown of the move or its effect on borrowers.
Money-market rates in Nigeria have declined as liquidity in the banking system climbed to N7.45tn, Punch Nigeria reports. The increase in available funds pushed short-term funding costs lower, according to the report. It did not provide the specific rates recorded before or after the decline, or identify the measure used to calculate banking-system liquidity.
The supplied information also does not say what caused liquidity to rise, how long the improvement is expected to last or whether the lower money-market costs have reached consumers and businesses. The movement nonetheless indicates easier conditions in the short-term funding market than those prevailing before the reported increase in liquidity. No additional market data, comments from banks or official explanation were included in the material provided.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.