CBN Concludes Sale Of N1trn Govt Securities, Says Investors Oversubscribed

The Central Bank of Nigeria (CBN) said it has concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise.

In a statement on Monday, the apex bank said investors were over-subscribed for the exercise which was completed on March 1, 2024.

The CBN offered N500 Billion at the Open Market Operations (OMO) auction and oversubscribed, selling N1.053 Trillion, with 79% of the total bids, or the equivalent of US$530 million, coming from foreign investors.

Friday’s auction was the first since the CBN’s Monetary Policy Committee meeting, which was followed by a virtual meeting with foreign portfolio investors.

The CBN Governor, Mr. Olayemi Cardoso, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and economy.

He further highlighted in the meeting with investors an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange market, and imminent settlement of the remaining backlog of genuine Foreign Exchange transactions by the Central Bank of Nigeria.

Cardoso said, “The CBN is committed to supporting price stability by taking the necessary measures to increase liquidity in the foreign exchange markets sustainably.

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

The bank’s spokesperson Hakama Sidi Ali said the development underscored the level of confidence that the Bank now enjoyed from investors.

She also said the Management of the CBN was optimistic that its monetary policy measures were beginning to yield positive results.

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

Valentine Ozigbo Resigns from Labour Party

In a shocking move, against all speculations over the last few days, Valentine Ozigbo, a close ally of Peter Obi, has announced his resignation from the Labour Party (LP). Ozigbo confirmed his decision to Diaspora Digital Media on Wednesday, February 19, 2025, but declined to provide further details, opting instead to share his reasons during an interactive session on X (Twitter) Space. The session, scheduled for 8 PM, will feature Ozigbo in conversation with Anambra's First Son, @uchepokoye, discussing pressing issues affecting Anambra State, including security challenges, societal fabric collapse, and the hope for a better future. Ozigbo's resignation has sparked interest, with many awaiting his detailed explanation for leaving the Labour Party. His decision comes at a critical time for the party, which has been navigating various challenges in recent months. Credit: Diaspora Digital Media

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