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Home Economy Finance

CBN’s N1.053tr Securities Oversubscribed with 79% from Foreign Investors

Reporter: Tobi Adetunji

by Techeconomy
March 4, 2024
in Finance
0
UBA
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The Central Bank of Nigeria (CBN) has sold over N1 trillion of government securities as part of efforts to boost the availability of foreign exchange. 

Techeconomy learned that before approaching the market the CBN aimed to raise N500 billion through short-term instruments as part of its ongoing efforts to manage liquidity in the financial system.

However, the offering was met with strong demand, exceeding expectations and a total of N1.053 trillion (approximately $680 million) was raised.

The CBN said it “offered N500 Billion at the Open Market Operations (OMO) auction and it was oversubscribed, selling N1.053 Trillion, with 79 percent of the total bids, or the equivalent of $530 million, coming from foreign investors”.

This particular auction marked the first since last week’s meeting of the CBN’s Monetary Policy Committee (MPC) which “was followed by a virtual meeting with foreign portfolio investors”.

During the meeting, CBN Governor Dr. Olayemi Cardoso, outlined a comprehensive strategy to tackle inflation, stabilise the exchange rate, and boost confidence in the banking system and the broader economy.

The CBN boss explained to investors the bank’s expectation of sustained growth in foreign currency reserves, improved liquidity in the foreign exchange market, and the imminent settlement of outstanding legitimate foreign exchange transactions.

He reiterated the CBN’s commitment to curbing inflation through necessary measures to ensure long-term foreign exchange market liquidity

“Our focus remains on building a fully functional market that allows for smooth participation by investors,” he added.

Mrs. Hakama Sidi Ali, the bank’s acting director of corporate communications, who spoke to reporters in Abuja, described the development as a sign of the increasing investor confidence in the CBN.

She also expressed the bank’s management’s optimism that its recently implemented monetary policies are beginning to yield positive results.

Mrs. Hakama said: “What the oversubscribed securities means is that the Central Bank of Nigeria is taking steps to fight inflation by issuing government securities and implementing liquidity management exercises.

By oversubscribing the sale of short-term instruments, the CBN is able to increase liquidity in the foreign exchange market and stabilise the exchange rate.

The CBN’s strategy includes increasing foreign currency reserves, improving liquidity in the foreign exchange market, and settling the backlog of genuine Foreign Exchange transactions.

This shows that the CBN has the confidence of investors and its monetary policy measures are starting to show positive results in the fight against inflation by mopping up excess liquidity through the Open Market Operations (OMO).

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