Central Bank Sells N1.56 Trillion OMO Bills to Investors

The Central Bank of Nigeria (CBN) sold OMO bills worth N1.56 trillion to foreign portfolio investors (FPIs), including local deposit money banks with preference for longer tenor.

At the primary market auction conducted on Monday, there was massive demand for the OMO bills paper again.

While the CBN offered N600 billion across 2 long-tenor instruments, demand was robust, with bid to cover at 2.60x. Foreign investors’ appetite was heavy as the automated FX trading platform raised transparency in the currency market.

At the end of the auction, the CBN sold to match demand at N1.56 trillion, with a stop rate of 23.98%, CardinalStone Securities Limited said in a market update