The Open Market Operations (OMO) sales surged 18 times in one year as the Central Bank of Nigeria (CBN) intensified its fight against inflation and naira volatility, sending a signal to investors of a shift to orthodox monetary policy.
Data from the CBN revealed that the apex bank sold N11.8 trillion OMO instruments to banks and investors in 2024, rising by 1,773.7 percent, compared to N627.2 billion auctioned in 2023.
In terms of OMO repayment, the CBN spent N977.7 billion in 2024, marking a 171.3 percent increase from N323.5 billion in 2023.