CBN Drains N947bn from Financial System with OMO Bills Auction
The Central Bank of Nigeria (CBN) floated OMO bills totalling N600 billion for investors’ subscription on Monday in an attempt to reduce excess liquidity in the financial system.
The breakdown showed that the Apex Bank opened an offer for subscription for Nigerian OMO bills with 22- and 134-day maturities at the auction.
The auction recorded strong market participation, with an aggregate subscription of N1.1 trillion a week after N4.8 trillion was mopped up from the banking system.
The CBN subsequently allotted N947.0 billion to investors. Stop rates on the OMO bills settled at 21.71% for the 22-day tenor and 20.06% for the 134-day tenor.
The financial system liquidity increased to ₦4.03 trillion from ₦3.48 trillion, Futureview Financial Limited said in its market update on Monday.
Last week, system liquidity rose to approximately ₦4.1 trillion from ₦4.0 trillion in the previous week despite aggressive mop-up by the Apex Bank.
The increase was largely driven by a higher opening balance held by discount houses as well as sizeable banks’ net placements at the Standing Deposit Facility (SDF), alongside liquidity absorption resulting from net OMO bills sales.
Trading activity in Federal Government of Nigeria (FGN) bonds was bearish, as investors trimmed holdings across the curve in the secondary market amid repricing at the Debt Management Office (DMO) auction for the month.
Demographics
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