CBN Withdraws N6.62trn From Banking System Via OMO In September

The Central Bank of Nigeria (CBN) withdrew a net N6.62 trillion from the banking system through Open Market Operations (OMO) in September, as it sold N17.51 trillion in bills and repaid N10.89 trillion in maturing ones.
Analysis of CBN auction and repayment data by showed the sales came from five auctions held on September 1, 8, 16, 24 and 29.
The amount allotted was about 2.7 times the N6.4 trillion initially offered.
Repayments of N10.89 trillion, equal to about 62 per cent of gross sales, went back into the system on five dates during the month. This means much of the activity was the replacement of maturing bills with new ones.
Net absorption was the remaining 38 per cent.
T...