3 weeks ago
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According to the latest information by the apex bank, banks deposited a full of N58.099 trillion with the Central Bank of Nigeria done the lasting deposit installation (SDF) betwixt September 23 and October 13. This reveals fiscal institutions’ thirst for much involvement arsenic they instrumentality vantage of the adjusted asymmetric corridor.
The CBN’s monetary argumentation committee (MPC) chopped the benchmark involvement complaint past month, the archetypal clip it had done truthful since September 2021. Aligning with the planetary trend, the MPC adopted a dovish stance, lowering the MPR by 50bps to 27 per cent from the erstwhile 27.5 per cent.
Aside from this, the CBN besides adjusted the asymmetric corridor astir the MPR to +250bps/-250bps from +500bps/-100bps. According to information provided by the apex bank, a full of N58.099 trillion had been deposited from September 23, 2025, erstwhile the announcement was made.
This is overmuch higher than the N26.487 trillion deposited done the SDF model astatine the CBN betwixt September 1 and 22, 2025. Average regular deposits astatine the apex slope grew from N1.7 trillion earlier the announcement to N4.1 trillion aft the announcement.
According to Cardinal Stone Research analysts, the asymmetric corridor accommodation meant that “banks volition present get from and deposit with the CBN astatine 29.5 per cent and 24.5 per cent, respectively. Banks are apt to stay nett depositors with the CBN contempt adjusting the corridor, arsenic the Standing Deposit Facility (SDF) complaint remains much charismatic than the 1-year NTB.”
On Monday, the Treasury Bills secondary marketplace saw yields ascent crossed each tenors, with 1-month, 3-month, 6-month, and 12-month rates rising 12bps, 28bps, 0.5bps, and 5bps, respectively. Nonetheless, the mean NT-Bills output edged down 1bp to 17.39 per cent, reflecting sustained bullish sentiment and beardown capitalist request successful the secondary market.
At the adjacent of trading connected Monday, the 1-month insubstantial had a output of 16.1720 per cent, portion the 3-, 6-, and 12-month papers closed astatine 16.6854, 17.3806, and 18.3711 per cent, respectively.
Meanwhile, the Nigerian interbank rates showed mixed show connected Monday, with overnight rates unchanged astatine 24.86 per cent pursuing the erstwhile week’s wealth marketplace auctions and maturities. However, medium-term rates declined, with 1-month, 3-month, and 6-month tenors falling 10bps, 18bps, and 25bps, respectively. Money marketplace backing costs were besides mixed—the overnight complaint dropped 7bps to 24.90 per cent, portion the Open Purchase Rate held astatine 24.85 per cent.
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