Exhibit j under Form N-1A
                                              Exhibit 23 under Item 601\Reg. S-K


               CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

     We consent to the  references  to our firm  under the  captions  "Financial
Highlights" in the Prospectuses  and "Independent  Auditors" in the Statement of
Additional  Information  and to the use of our report dated October 16, 2000, in
the Post-Effective  Amendment Number 25 to the Registration Statement (Form N-1A
No. 33-11410) of the Federated Municipal Opportunities Fund, Inc., dated October
31, 2000.

ERNST & YOUNG LLP


Boston, Massachusetts
October 24, 2000