The Central Bank of Nigeria (CBN) says it will 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 move is aimed at fighting inflation in the system.
Rising from a meeting of the Bankers’ Committee in Lagos today June 15, 2017, the CBN said its decision to mop up liquidity was in reaction to the maturity of N206 billion on Thursday, June 15, 2017.
Disclosing this to newsmen, the Bank’s Acting Director in charge of Corporate Communication, Isaac Okorafor, further explained that the apex Bank decided at the rate of 16 per cent per annum due to the falling rate of inflation, which he noted will continue to fall.
It will be recalled that the Bank 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.