The Central Bank of Nigeria (CBN) said it has concluded a sale of government securities, issuing n1.053 trillion in short-term instruments as part of its liquidity management exercise.
In a statement today, the Apex Bank said investors were over-subscribed for the exercise which was completed on March 1, 2024, where CBN offered N500 billion at the open market operations auction selling N1.053 trillion, with 79% of the total bids, or the equivalent of U.S$530 million, coming from foreign 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.
Cardoso, underscore 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.
