March 28, 2018/CBN
Open Market Operations
Auctions The CBN Bills that were offered amounted to N3,702.96 billion, while total public subscription and sale amounted to N4,593.93 billion and N3,871.27 billion, respectively. This compared with N1,922.45 billion, N3,869.94 billion and N2,329.75 billion offered, subscribed to and sold respectively, in the corresponding period of 2016 (Table 2.1; Figure 2.1 and 2.2). The tenors of OMO auction ranged from 140 to 364 days, while the stop rates were between 16.00 to 18.60 per cent. In the preceding year, the tenors ranged between 143 and 364 days, while the stop rates were between 7.70 and 13.50 per cent.
The increased transactions during the review period were attributable to the greater monetary tightening stance that resulted in increased number of auctions. In addition, CBN Bills maturities and the monthly disbursements to the three tiers of government by the Federation Account Allocation Committee (FAAC) contributed. Thus, the cost of liquidity management amounted to N577.46 billion compared to N122.99 billion in the corresponding period of 2016.