N14.4trn Chases N3.6trn CBN Bills As Small Businesses Struggle For Funding

As businesses continue to strive towards finding funding, a total of N14.4 trillion was staked on Central Bank of Nigeria (CBN) liquidity mopping instruments with banks depositing N86.3 trillion in the apex bank in the month of May.
Data from the CBN Economic Report for May showed that financial institutions as well as institutional investors had pulled in a total subscription of N14.4 trillion in May for the Open Market Operations (OMO) auctions of the apex bank.
The CBN regularly conducts OMO auctions to manage excess liquidity in the financial system and in May, it offered N3.6 trillion which attracted N14.4 trillion of which it eventually allotted N12.54 trillion.
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