The Central Bank of Nigeria (CBN), on Friday, March 1, 2024, concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise.
It offered N500 Billion at the Open Market Operations (OMO) auction which was oversubscribed and eventually sold N1.053 Trillion, with 79% of the total bids equivalent of US$530 million, coming from foreign investors.
Friday’s auction was the first since the CBN’s Monetary Policy Committee meeting, which was followed by a virtual meeting with foreign portfolio investors.
Governor of the Central Bank Olayemi Cardoso, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system as well as the economy. Mr. Cardoso further highlighted in the meeting with investors an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange market, and imminent settlement of the remaining backlog of genuine Foreign Exchange transactions by the Central Bank of Nigeria
Speaking with journalists in Abuja at the weekend, the Bank’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali said the development underscored the level of confidence that the Bank now enjoys from investors; adding that the Management of the CBN was optimistic that monetary policy measures were beginning to yield positive results.
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