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CBN sells ₦1.053 trillion in Government securities to curb inflation

Cardoso used both meetings to stabilise the exchange rate and spur confidence in the banking system and the economy.

CBN Governor Olayemi Cardoso

A statement issued on Sunday night by CBN’s Acting Director, Corporate Communications Department, Hakama Sidi, stated that the sale is part of its liquidity management exercise.

Sidi said that the apex bank’s ₦500 billion-offer at the Open Market Operations (OMO) auction was oversubscribed after selling ₦1.053 trillion, with 79% of the total bids, or the equivalent of 530 million dollars coming from foreign investors.

The News Agency of Nigeria (NAN) reports that the auction was the first since last week’s Monetary Policy Committee (MPC) meeting, which was followed by a virtual meeting with foreign portfolio investors.

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According to Sidi, the CBN Governor, Olayemi Cardoso, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate and spur confidence in the banking system and the economy.

She said that the development underscored the level of confidence the apex bank now enjoyed from investors, adding that the management of CBN was optimistic that its monetary policy measures were beginning to yield positive results.

Meanwhile, Cardoso highlighted in the meeting with investors an outlook for sustained increase in the CBN’s foreign currency reserves. He assured them of improved liquidity in the foreign exchange market and imminent settlement of the remaining backlog of genuine foreign exchange transactions.

“The CBN is committed to supporting price stability by taking the necessary measures to increase liquidity in the foreign exchange markets sustainably.

“Our focus is on building a fully functioning market that allows smooth entry and exit for investors,” he said.

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