The Central Bank of Nigeria (CBN), has successfully concluded a sale of government securities, issuing N1.053 trillion (US$680 million) in short-term instruments as part of its liquidity management exercise.

The CBN offered N500 Billion at the Open Market Operations (OMO) auction and oversubscribed, selling N1.053 trillion, with 79% of the total bids, or the equivalent of US$530 million, coming from foreign investors.

At the meeting, CBN Governor, Mr. Olayemi Cardoso, set a detailed strategy to curb inflation, stabilize the exchange rate, and spur confidence in the banking system and economy.

Cardoso further highlighted in the meeting with investors an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange market, and imminent settlement of the remaining backlog of genuine Foreign Exchange transactions by the Central Bank of Nigeria.

Speaking with journalists in Abuja at the weekend, the Bank’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali said the development underscored the level of confidence that the Bank now enjoyed from investors.