The Central Bank of Nigeria (CBN) says it has rounded off sale of government securities, issuing N1.053 trillion ($680 million) in short-term instruments,
According to apex bank, the sale, which occurred on March 1, 2024, was part of its liquidity management exercise.
The apex bank said in a statement on Monday that the N500 billion offered at the open market operations (OMO) auction was oversubscribed, selling N1.053 trillion.
According the apex bank, 79 percent of the total bids, or the equivalent of $530 million, came from foreign investors.
The Friday auction was the first since the CBN’s monetary policy committee (MPC) meeting, which was followed by a virtual meeting with foreign portfolio investors.
The bank said Olayemi Cardoso, its governor, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and economy.
At the meeting with investors, Cardoso was said to have further highlighted an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange (FX) market, and imminent settlement of the remaining backlog of genuine FX transactions by the CBN.
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