The Central Bank of Nigeria (CBN) has said it successfully concluded a sale of government securities, issuing 1.053 trillion ($680 million) in short-term instruments.

The apex bank made this known in a statement on Monday by its acting Director, Corporate Communications Department, Hakama Sidi-Ali.

The CBN said the sale, which occurred on March 1, 2024, was part of its liquidity management exercise.

In a statement on Monday, the regulator said the 500 billion offered at the open market operations (OMO) auction was oversubscribed, selling 1.053 trillion.

According to the apex bank, 79 per cent of the total bids, or the equivalent of $530 million, came from foreign investors.

It is understood that the Friday auction was the first since the CBN’s monetary policy committee (MPC) meeting, which was followed by a virtual meeting with foreign portfolio investors.

The bank said Olayemi Cardoso, its governor, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and economy.

At the meeting with investors, Cardoso was said to have further highlighted an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange (FX) market, and imminent settlement of the remaining backlog of genuine FX transactions by the CBN.

“The CBN is committed to supporting price stability by taking the necessary measures to increase liquidity in the foreign exchange markets sustainably,” the governor was quoted as saying.

“Our focus is on building a fully functioning market that allows smooth entry and exit for investors.”