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N62b OMO Bills Mature Today

By Modupe Gbadeyanka

On Thursday, October 12, 2017, N62 billion worth of bills will be maturing at the open market operations (OMO).

Yesterday, the Central Bank of Nigeria (CBN) conducted another OMO auction, selling N4 billion worth of bills at 16 percent stop rate.

It was observed that the continued squeeze on system liquidity by central bank contributed to the spike in the Open-Buy-Back and Overnight rates to 45.50 percent and 48.25 percent from 29.17 percent and 32.08 percent respectively on Wednesday.

The apex bank is expected to sustain its aggressive squeeze on system liquidity, which will likely leave the money market rates high in the coming sessions.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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