CBN Repays N5 Trillion Debt, Bank Deposits Fall
The Central Bank of Nigeria (CBN) executed debt repayments exceeding N5 trillion, leading to a significant decrease in bank deposit placements and increased financial market volatility. The repayments included N3.9 trillion in open market operations (OMO) obligations and N1.2 trillion in primary market instruments.
This resulted in a sharp reduction in funds placed by banks, with the CBN settling N1.2 trillion in primary market repayments. The decline in bank deposit placements, particularly in the CBN's Standing Deposit Facility (SDF), contributed to liquidity tightening and market instability.
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