CBN Offers 26.44% Interest Rate on 84-Day OMO Bills
The Central Bank of Nigeria (CBN) allotted 84-day tenor OMO bills at the spot rate of 26.44%, details from an open market operation conducted on Tuesday revealed.
The Apex Bank floated the auction as another bills set to expire this week, and this is expected to enhance excess liquidity level in the banking system.
To manage the excess liquidity, and drive US dollar inflows from participating offshore investors, the authority floated N600 billion.
The auction floated on Tuesday attracted strong demand with total subscriptions reaching N1.2 trillion. Ultimately, the apex bank allotted N620.7 billion, clearing at a stop rate of 26.44%.
Recall that the CBN floated OMO bills worth N700 billion at two primary market auction where it raised N1.19 trillion across two short tenors at relatively higher rates. #CBN Offers 26.84% Interest Rate on 84-Day OMO Bills#
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