The money market turnover for the year (January – November) was N47.17trn, representing 26.44% of the turnover of the FIC market. Turnover in the money market rose Y-on-Y by +16.07% from N40.64trn in the same period in 2020. The market saw the highest rally in September recording N5.98trn in turnover while it was at its lowest levels in Money with a market turnover of N2.83trn.
Open Buy-Back (OBB) and Over Night (OVN) started the year in single digits but ended the year in double digits on the back of higher outflows which dropped the elevated liquidity we saw at the beginning of the year. Although rates picked in June, they flattened out towards the end of the year (see chart 4 below).
