The Central Bank of Nigeria, CBN, says it has successfully sold over N1 trillion government security to investors through the Open Market Operations, OMO, instrument.
The CBN normally used the OMO as one of the instruments to mop up excess cash in the economy.
According to the apex bank, there are signs that its monetary tightening measures are beginning to yield positive results considering that N500 billion worth of OMO securities were offered but investors oversubscribed to the tune of N1.053 trillion, with 79 per cent of the total bids, or the equivalent of US$530 million, purchased by foreign investors.
