In a notable development, the Central Bank of Nigeria (CBN) sold OMO bills worth ₦1.56 trillion during Monday’s primary market auction. The offering attracted robust demand, especially from foreign portfolio investors (FPIs) and local banks, as interest in longer-tenor instruments surged.
The CBN initially offered ₦600 billion across two long-tenor instruments. However, demand exceeded expectations, with a bid-to-cover ratio of 2.60x. Enhanced transparency in the currency market, driven by the automated FX trading platform, boosted foreign investors’ confidence.
At the conclusion of the auction, the CBN matched demand by selling ₦1.56 trillion worth of OMO bills at a stop rate of 23.98%, according to CardinalStone Securities Limited.
 sold OMO bills worth ₦1.56 trillion during Monday’s primary market auction.){kind=link}