The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) rose to 15.67% and 15.00% respectively. Consequently, the average money market rate increased by 6.17% to settle at 15.34% as system liquidity reduced due to fortnightly Retail FX Auction and first Yuan retail auction conducted by the CBN on Friday despite an inflow from T-bills maturities (N595.1bn), Bond coupon payment (N34.71bn) and Primary Market Repayment (N71.36bn) during the week.
The Consumer Price Index (CPI) which measures inflation increased by 11.23 percent (year-on-year) in June 2018. This is 0.37 percent points less than the rate recorded in May 2018 (11.61) percent and represents the seventeenth consecutive disinflation since January 2017. Increases were recorded in all COICOP divisions that yield the Headline index.