Lagos - The Central Bank of Nigeria (CBN) has mopped up over N62 billion from the system through the Open Market Operation (OMO) in a bid to stem the exchange rate pressure and reduce the demand for dollars.
The liquidity-absorbing operation, the first after the suspension of the former governor of the bank, Sanusi Lamido Sanusi, trimmed money in the market to N200 billion, reports New Telegraph.
The mop up has also seen interbank rates and Treasury bill rates crash.
The bank has been actively mopping up liquidity since last year to support the naira against the dollar.
Read more at New Telegraph.