LAGOS, April 28 Nigeria sold 107.64 billion
naira ($353 million) in treasury bills on Friday in a move to
soak up excess liquidity from the banking system and curb
pressure on the currency, traders said.
The central bank sold 54.42 billion naira in the 167-day
open market operations (OMO) treasury bills at 18 percent and
55.22 billion naira paper at 18.5 percent, traders said.
But the effect of the sale was countered by additional
liquidity from the repayment of matured bonds forcing overnight
lending rate down to 5 percent on Friday from 30 percent at the
start of the week.
Traders said banking system liquidity was 246 billion naira
in credit on Friday, up from 206.96 billion naira in deficit a
week ago. The money markets were also expecting the monthly
government budget disbursement next week.
On the forex market, the naira eased on the black market to
390 per dollar and held steady on the official market at 305.85.
($1 = 304.85 naira)
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha)