The Central Bank of Nigeria (CBN) has intensified efforts to reduce excess liquidity in the banking system with a fresh N1.5 trillion offer in Open Market Operations (OMO) securities.

The latest offer, scheduled for November 10, comprises N500 billion each in 154-day, 252-day and 329-day instruments.

The move is part of the apex bank’s continued monetary tightening measures aimed at controlling excess cash in the financial system and maintaining price stability.

The intervention comes amid a 15.36 per cent increase in banking system liquidity to N8.505 trillion as of November 6, from N7.373 trillion recorded a week earlier.

According to the Financial Market Dealers Association, about N2.448 trillion is expected to flow into the banking system during the week, with the bulk coming from maturing OMO securities.

The latest offer follows two OMO auctions conducted by the CBN on November 3 and 6, through which the apex bank allotted a combined N5.667 trillion.

At the November 3 auction, subscriptions reached N3.52 trillion against an initial offer of N1.5 trillion, while N2.95 trillion was allotted.

Similarly, the November 6 auction attracted subscriptions of N5.74 trillion, with the CBN allotting N2.72 trillion against another N1.5 trillion offer.

The successive interventions underscore the apex bank’s determination to mop up excess funds and strengthen its control over liquidity conditions in the financial market.

Meanwhile, the Debt Management Office is expected to offer N800 billion in Treasury Bills on November 11, further providing investment opportunities for market participants.