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CBN moves against inflation, mops up N200b

 

 

Central Bank of Nigeria (CBN)

 

The Central Bank of Nigeria (CBN) has unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system through a special Open Market Operation at the rate of 16 per cent per annum.The action is aimed at further controlling inflation.

Rising from a meeting of the Bankers’ Committee in Lagos on Thursday, the CBN said its decision to mop up liquidity was in reaction to the maturity of N206 billion on Thursday.

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The Bank’s Acting Director in charge of Corporate Communication, Isaac Okorafor, told newsmen that the apex Bank decided on the rate of 16% per annum due to the falling rate of inflation, which he noted will continue to fall.

The Bank on June 12, 2017 released its Treasury Bills Issue Programme for the third quarter of 2017 in which it disclosed that the maturity dates for the various tenors will be June 15, June 22, July 6, July 20, August 3, August 17 and August 31, 2017 respectively.

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