September 1, 2025/Coronation Research

Summary  

Last week, system liquidity improved to N1.40trn, reversing from a deficit position of N609.43bn in the prior week. The robust liquidity was driven by FAAC disbursements, supported by OMO maturities of N758.0bn, which outweighed the impact of CBN’s liquidity absorption (through OMO sales) of N1.19trn.

Consequently, interbank rates eased, with the Open Repo Rate (OPR) and Overnight (OVN) declining by 240bps and 220bps to 26.50% and 26.95%, respectively.

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