CBN Cuts Interest Rate on OMO Bill to 24.32%
Investors’ rate on OMO bills dropped to 24.32% at the primary market auction conducted by the Central Bank of Nigeria (CBN) on Thursday.
Spot rates declined following the monetary policy committee of the CBN benchmark interest rate hike to 27.25% as the authority goes fast and furious against double digit high inflation.
At today’s OMO Auction, the CBN offered N500 billion across standard maturities, with demand standing at N737.14 billion, concentrated at the long end, analysts at CardinalStone Securities Limited said in an email note.
The investment firm stated that the CBN sold to match demand at a stop rate of 24.32% for 362-day OMO bills. The OMO bill was priced at 24.44% at the primary market auction last week, where the CBN raised a total of ₦254.90 billion. #CBN Cuts Interest Rate on OMO Bill to 24.32%
