There are expectations that in the new week, the Open Market Operations (OMO) bills worth N423.22 billion will mature; hence, interbank will rates will moderate.
According to dealers, these further moderations will be as a result of anticipated boost in financial system liquidity.
Meanwhile, Nigeria’s foreign portfolio transactions declined by N280 billion as foreign investors remain net sellers of Nigerian equities.
According to the Nigerian Stock Exchange’s latest foreign portfolio transactional report, total foreign transactions at the Nigerian stock market dropped to N879.40 billion over the past 11 months, indicating a 24.1 per cent or N279.62 billion drop from N1.159 trillion recorded in the period in 2018.
The month of November saw a change in fortune, as FPI transactions reversed a three-month consecutive increase dropping by 16.4 per cent or N16.97 billion to N86.76 billion in November 2019 as against N63.90 billion, N94.45 billion and N103.73 billion recorded in August, September and October 2019, respectively.
The NSE report used two foreign portfolio inflow and outflow, to gauge foreign investors’ mood and participation in the stock market as a barometer for the economy. Inflow includes purchase transactions on the NSE as outflow includes sales transactions of equity portfolio investments.