Data on the primary market auction conducted by the Central Bank of Nigeria (CBN) on Thursday indicated that investors’ rate on Open Market Operations (OMO) bills dropped to 24.32%.
The spot rates dipped following the last apex bank’s monetary policy committee (MPC) hiking of the CBN’s Monetary Policy Rate (MPR), the benchmark interest rate, to 27.25% in the monetary authority’s strategy to tame the surging inflation rate of the economy.
At Thursday’s OMO Auction, the CBN offered N500 billion across standard maturities, with demand standing at N737.14 billion.
Commenting on the auction, investment experts at CardinalStone Securities Limited, stated that the CBN sold the debt instrument to match demand at a stop rate of 24.32%.
It would be recalled that last week, the OMO bill was priced at 24.44% at the primary market auction during which the apex bank raised a total of N254.90 billion.
