Money market rates declined as a result of surplus liquidity in the financial system. The interbank market has been flooded with excess liquidity, and local deposit money banks have been having fun with the above-average treasury bill rate on placement at the Central Bank window.
CBN liquidity action slowed down, lifted the funding profile in the market, and kept the short-term interest rates behind 25%. Banks’ placements at the standing depot facility averaged ₦2.88 trillion, up from ₦2.02 trillion the previous week, TrustBanc Financial Group Limited said in a note.
Hence, the banking system closed the week with a ₦2.47 trillion surplus, a decline from an opening balance of ₦3.78 trillion. In the absence of funding pressures, average daily liquidity for October rose 9% to ₦2.96 trillion from ₦2.71 trillion in September.
Funding profile was also strengthened by FAAC inflows and other system credits that offset early week OMO settlement outflows. According to market report, inflows of ₦261.38 billion from bond coupon payments supported liquidity. A bond auction settlement totalling N313.77 billion midweek exerted mild pressure.
Despite brief contractions from OMO and Treasury bills auction outflows, overall funding conditions remained comfortable, keeping short-term interbank rates lower by an average of 14 bps.
Consequently, the Open Repo Rate (OPR) dipped by 4 bps to 24.50%, while the Overnight Rate (O/N) declined by 24 bps to close at 24.83% week on week.
Supported by expected coupon inflows of about ₦261 billion from the Apr-2029, Apr-2032, and Apr-2049 bonds, funding costs are anticipated to ease further in the coming week in absence of any funding activities Oando Fires Up, Gains 12% as Investors Bet on ‘Possibilities’

First City Monument Bank (FCMB) has reaffirmed its commitment to service excellence and innovation as it joined the global celebration of Customer Service Week 2025, recording strong gains in customer satisfaction and loyalty.
The week-long event, which runs from October 6 to 10, is themed “Mission: Possible” and highlights the bank’s resolve to transform everyday challenges into opportunities through creativity, technology, and teamwork.
Describing the occasion, the bank’s Managing Director, Yemisi Edun said: “At FCMB, every day is an opportunity to provide excellent service. This week, we are proud to celebrate our customers and employees, whose dedication continues to drive our success.”
Executive Director, Corporate Services & Service Management, Felicia Obozuwa, reiterated the bank’s dedication in creating real value through customer experience and innovation.
“In a fast-changing world, we are proud to deliver solutions that truly add value. Customer Service Week is another chance to thank our customers for their loyalty and our employees for their dedication,” Obozuwa said.
As part of the celebrations, FCMB executives, including the Managing Director, took on customer-facing roles across various branches. They engaged directly with clients, listened to their feedback, and presented special gifts to customers. The bank also recognised children with Kiddies’ Accounts and rewarded its top 50 customers for their enduring loyalty and contribution to the bank’s growth.
To further appreciate its wider customer base, the bank rewarded more than 100,000 customers who purchased airtime and data through the FCMB Mobile App and 329# USSD code with a 10 percent bonus during a three-day campaign. In addition, select branches were fitted with refreshment booths to make in-branch visits more pleasant and interactive.
Employees also played a central role in the celebrations. Activities such as peer-to-peer recognition sessions, a Bankers Game Show, and a Theme Song Contest were organised to foster teamwork, celebrate excellence, and strengthen internal culture. The week’s events will culminate in a hybrid staff gathering, connecting employees physically and virtually across the country.
In line with this commitment, FCMB reported significant improvements in its Net Promoter Score (NPS) — a key measure of customer satisfaction and loyalty. The bank’s NPS, the management noted, rose to 74 per cent as of August 2025, surpassing the industry average, while its digital banking NPS also improved from 71 per cent to 75 per cent, reflecting stronger customer confidence in its digital platforms.
Now in its 41st year globally, Customer Service Week celebrates the role of service excellence in driving sustainable business growth. For FCMB, the event underscores its ongoing strategy to blend innovation, empathy, and digital transformation to strengthen relationships with customers, enhance satisfaction, and sustain business performance.

Jaiz Bank Plc has secured an upgrade from GCR Ratings, which raised the Bank’s national scale long-term issuer rating from BBB-(NG) to BBB (NG), with the outlook revised from Positive to Stable.
In a statement announcing the development, the Managing Director and Chief Executive Officer of Jaiz Bank, Dr. Haruna Musa, described the rating upgrade as a significant achievement that reflects the Bank’s financial strength and growing market position.
“We are pleased to announce that GCR Ratings has upgraded Jaiz Bank Plc’s national scale long-term issuer rating from BBB-(NG) to BBB(NG). This milestone reaffirms our focus on deepening financial inclusion, driving innovation, and upholding the principles of ethical, Shariah-compliant banking,” Dr. Musa said.
He explained that the new rating demonstrates confidence in the Bank’s strong financial performance, sound risk management practices, and consistent improvement in balance sheet quality and profitability.
“The recognition consolidates Jaiz Bank’s leadership as Nigeria’s pioneer non-interest bank. We remain committed to creating sustainable value for all stakeholders and contributing to the growth of the Nigerian economy,” he stated.
Dr. Musa also acknowledged the role of the Bank’s Board, management, staff, customers, regulators, and stakeholders, noting that their trust and support were instrumental in achieving the latest milestone.
Jaiz Bank, established in 2012 as Nigeria’s first non-interest bank, has continued to expand its operations across the country, offering Shariah-compliant products and services aimed at promoting financial inclusion.