CBN to hold ‘open market’ operation to check inflation

The Central Bank of Nigeria, CBN on Thursday said it would hold a special Open Market Operation (OMO) operation to further check inflation in the economy as a result of pressures on the value of the Naira.
The operation would involve mopping up of about N200.322 billion from the Nigerian banking system at the rate of 16 per cent per annum.
The CBN’s bankers’ committee took the decision Thursday in Lagos in reaction to the maturity of N206 billion.
The CBN’s spokesperson, Isaac Okorafor, said the decision was taken due to the falling rate of inflation, which he noted would continue to fall.
The special operation followed CBN’s decision on Monday to release its Treasury Bills Issue Programme for the third quarter of 2017.
The bank had disclosed that the maturity dates for the various tenors for the operation would be June 15, June 22, July 6, July 20, August 3, August 17 and August 31, 2017, respectively.