Naira stable as 1,250 BDCs shun CBN dollar sales
By Babajide Komolafe
THE intense scarcity of funds that gripped the interbank money market last week will persist this week as the Debt Management Office (DMO) issues N100 billion worth of FGN Bond.
Last week, the interbank money market experienced N343.2 billion outflow due to increased liquidity mop up by the Central Bank of Nigeria (CBN) through treasury bills (TBs). Financial Vanguard analysis revealed that the apex bank offered N353.8 billion worth TBs while public subscription stood at N403.9 billion.
At the secondary market where existing TBs are sold, total public subscription to the N220 billion worth of TBs offered by the CBN stood at N209.32 billion while the amount sold was N209.26 billion at stop rate ranging from 16 percent to 17.83 percent.
At the primary market, where fresh TBs are sold, the CBN offered N133.8…
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