Banks’ CBN deposits rise above N6 trillion after N2.4 trillion OMO repayment

Banks' net placements at the Central Bank of Nigeria's (CBN) Standing Deposit Facility (SDF) increased above N6 trillion following a N2.41 trillion Open Market Operations (OMO) repayment, as reported by the CBN's daily banking system liquidity reports. This rise in SDF activity followed the securities repayment, which released cash into the banking system, causing deposits to remain above that level for three consecutive days.

The CBN recorded OMO repayments totaling N2.408 trillion on October 13, the largest securities repayment during the period, and no new OMO sales were reported.

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