CBN mops up naira cash at higher rate before FX trading starts

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(ABUJA , NIGERIA;  JUNE 17) The Central bank of Nigeria is selling long-dated treasury bills at higher yields than the secondary market to mop up naira liquidity before next week’s start of interbank currency trading, traders said on Friday.

The central bank sold 205.9 billion naira worth of one-year bills on Friday at 13.5 percent, compared with the secondary market which is currently trading at 10.81 percent. It had offered 78 billion naira bill on Thursday.

 

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