Investors’ interest rates on OMO bills fell to 24.32% in the Central Bank of Nigeria’s (CBN) primary market auction on Thursday.
Spot rates fell after the CBN’s monetary policy committee raised the benchmark interest rate to 27.25%, indicating that the authority is reacting quickly to double-digit inflation.
The CBN offered N500 billion across standard maturities at today’s OMO Auction, with demand totaling N737.14 billion, concentrated at the long end, according to CardinalStone Securities Limited analysts in an email message.
According to the investment firm, the CBN sold to match demand at a 24.32% stop rate on 362-day OMO bills. Last week’s primary market auction saw the OMO bill valued at 24.44%.
