The Central Bank of Nigeria (CBN) has sold N2.1 trillion worth of OMO bills at the main auction floated at the weekend to reduce excess liquidity in the financial system.
The authority floated another OMO bill for sales amidst excess liquidity and some money market repayments, targeting banks and foreign portfolio investors (FPIs).
The rates on short-term investment securities remain attractive, with eligible market participants setting higher bids against standard offers.
In its investors update, CardinalStone Securities Limited revealed that at the OMO auction on Friday, the CBN sold a total of N2.1 trillion worth of bills at the 354-day tenor at a stop rate of 17.25% mopping-up excess liquidity in the market.
The CBN offered ₦600.00 billion on Thursday but allotted ₦3.78 trillion across two maturities: the 208-day and 348-day maturities.
