CBN to mop up over N183bn this week

CBN Governor, Sanusi Lamido Sanusi

THE Central Bank of Nigeria (CBN) is set to offer for sale, treasury bills worth N183.65 billion this week, as part of its liquidity tightening policy.

Also, treasury and Open Market Operation (OMO) bills worth N183.65 billion and N206.89 billion respectively, will mature.

During the review week, the general direction of activities was influenced largely by the issuance and maturity of OMO bills, the issuance of a special OMO and a renewed interest from both domestic and foreign investors.

According to analysts at Dunn Loren Merrifield (DLM), in its week review of the market, there was a renewal of interest in government securities at the Over The Counter (OTC) market, notwithstanding the marginal increase in prices by 25 basis points on the average.

They, however, stated that the momentum decelerated later in the week as a result of profit taking and the sale of special OMO bills necessitated by the maturing OMO bills.