Business

Money Supply: CBN sells N1 trillion OMO Bills at record high 21.5%

The Central Bank of Nigeria has intensified its efforts to manage the money supply by conducting Open Market Operations (OMO) auctions, through which it sold N1.06 trillion in bills.


There was significant interest from investors, with subscriptions reaching N1.14 trillion, thus oversubscribing the bills.


The central bank managed to sell these bills at an unprecedented high of 21.5%, marking a record for the institution as it strives to tackle inflation and stabilize the exchange rate.