FMDA’s Monthly Report-March 2026

FMDA’s Monthly report-March 2026: Highlights

• Average system liquidity surged by over 100% in March to N6.48 trillion, driven by higher inflows from maturing instruments, the highest since January and February.
• Looking ahead, an estimated N8.84 trillion in inflows is projected for April, about 15% lower than March levels.
• OMO maturities are expected to account for about 66% of total inflows, although the CBN may moderate its impact through liquidity management operations.
• The naira depreciated across both the official and parallel markets, reflecting underlying demand pressures despite moderate inflows.
• Interbank rates declined in response to elevated system liquidity, with both OPR and OVN falling by over 1% on average.
• Market sentiment suggests oil prices may remain above $95 per barrel in the near term.
• Fixed income yields edged higher in March, in line with global bond markets, as inflation expectations continue to shape investor sentiment.
• External reserves increased in March but moderated after reaching the $50 billion threshold. See detailed analysis of recent reserve movements in this report.

Download the full report here