Overall system liquidity started Jan-2020 on an elevated note, as naira inflows outweighed outflows. However, towards the end of the month, liquidity levels tightened, following the decision from the Monetary Policy Committee to increase the Cash Reserve Requirement from 22.5% to 27.5%. As a result, average interbank funding rates spiked from 2.9% as at Dec-2019 ending to 14.8% as of Jan-2020 ending.In terms of primary market activities, the CBN mopped-up c. N1.5tn of the N2.4tn OMO maturity that hit the system amid the decision of the CBN to bar...
