The Central Bank of Nigeria (CBN) raised a total of N1.008 trillion at its Open Market Operations (OMO) auction held on Friday.
This outcome followed overwhelming investor demand that created a 102% oversubscription, confirming CBN’s aggressive monetary tightening approach aimed at reducing excess liquidity and controlling persistent inflationary pressures despite high interest rates and a record-high cash reserve ratio.
Initially offering N500 billion across two maturities, the auction attracted nearly N1.4 trillion in total bids, as investors sought to benefit from high-yield government instruments amid rising inflation and expanding money supply.