FMDA’s Weekly Market Report March 23, 2026

Weekly Market Insights: Global Trends and Local Implications

• System liquidity surged to a record N7.56 trillion as the CBN appears to have scaled back OMO auction activity.
• The moderation in OMO activity may reflect an effort to manage sterilisation costs, as lower mop-up could reduce the interest burden on outstanding liabilities.
• All else being equal, liquidity may increase further, with about N2.31 trillion projected to flow in from maturing securities this week.
• Of the projected inflows, OMO maturities account for roughly 62%.
• Interbank rates remained broadly stable, supported by ample system liquidity.
• The naira appreciated across both the official and parallel markets, supported by rising oil prices, CBN efforts, and sustained autonomous inflows.
• Fixed income yields continued to edge higher, as inflation expectations, driven by rising oil prices, shaped investor sentiment across both local and global markets.

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