CBN Tackles Inflation, To Mop Up N200b From Banks
Godwin Emefiele, CBN Governor[/caption]
In a bid to further push down inflation rate in the country, the Central Bank of Nigeria (CBN) has unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system.
The CBN in a statement issued on Thursday by its Acting Director of Corporate Communication, Isaac Okorafor, and made available to THE WHISTLER, said the apex bank will in the coming days introduce a special Open Market Operation (OMO) at the rate of 16 per cent per annum.
The resolve according to Okoroafor followed a meeting of the Bankers’ Committee in Lagos on Thursday, June 15, 2017.
The decision to mop up liquidity was in reaction to the maturity of N206 billion today (Thursday), the CBN acting director said.
Okorafor, further explained 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.
Recall that data released by the National Bureau of Statistics on Thursday shows a sharp drop in inflation to 16.1 per cent.
It will also be recalled that the Bank on Monday, 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.
