Business News

Money Supply: CBN sells N1 trillion OMO Bills at record high 21.5%

The Central Bank of Nigeria has intensified its efforts to manage the money supply by conducting Open Market Operations (OMO) auctions, through which it sold N1.06 trillion in bills.

There was significant interest from investors, with subscriptions reaching N1.14 trillion, thus oversubscribing the bills.

The central bank managed to sell these bills at an unprecedented high of 21.5%, marking a record for the institution as it strives to tackle inflation and stabilize the exchange rate.

The central bank recently sold over N2.5 trillion in Treasury Bills with the 364-day bill going for 19% per annum.

The central bank’s aggressive OMO auctions reflect its proactive approach to controlling liquidity in the economy.