The Central Bank of Nigeria (CBN) has 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.
The apex bank which rose from a meeting of the Bankers’ Committee in
Lagos yesterday, said its decision to mop up liquidity was in
reaction to the maturity of N206 billion on Thursday, June 15, 2017.
Mr Isaac
Okorafor, the CBN Acting Director of Corporate Communication, who spoke with journalists, disclosed that the bank decided on
the rate of 16% per annum due to the falling rate of
inflation which he
averred, will continue to fall.
The bank had on Monday, June 12, 2017 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.
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