The Central Bank of Nigeria (CBN) has concluded a sale of government securities, issuing N1.053 trillion in short-term instruments as part of its liquidity management exercise.
The CBN offered N500 billion at the Open Market Operations (OMO) auction and oversubscribed, selling N1.053 trillion, with 79% of the total bids, or the equivalent of $530 million, coming from foreign investors on Friday, March 1, 2024.
Friday’s auction was the first since the CBN’s Monetary Policy Committee (CBN) meeting, which was followed by a virtual meeting with foreign portfolio investors.
The CBN Governor, Olayemi Cardoso, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and economy.
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Cardoso further highlighted 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 foreign exchange transactions by the apex bank.
He said: “The CBN is committed to supporting price stability by taking the necessary measures to increase liquidity in the foreign exchange markets sustainably.
“Our focus is on building a fully functioning market that allows smooth entry and exit for investors.”
Speaking with journalists in Abuja over the weekend, the CBN Acting Director, Corporate Communications Department, Hakama Sidi-Ali, said the development underscored the level of confidence that the apex bank now enjoyed from investors.
She added that the management of the apex bank was optimistic that its monetary policy measures were beginning to yield positive results.
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