CBN Mops up N200bn in Special OMO

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Obinna Chima

As part of efforts to strengthen the decelerating level of inflation, the Central Bank of Nigeria (CBN) thursday unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system through a special Open Market Operation (OMO) at the rate of 16 per cent per annum.

Rising from a meeting of the Bankers’ Committee in Lagos, the CBN said its decision to mop up liquidity was in reaction to the maturing of N206 billion thursday.

CBN’s Acting Director in charge of Corporate Communication, Isaac Okorafor, further explained that the central bank decided on the rate of 16 per cent per annum due to the falling rate of inflation, which he noted will continue to fall.

The CBN had on Monday released its Treasury Bills Issue Programme for the third quarter of 2017 in which it disclosed that the maturity dates for the various tenors will be June 15, June 22, July 6, July 20, August 3, August 17 and August 31, 2017, respectively.