CBN Mops Up N1 Trillion Via OMOs Over 4 Months to Fight Inflation and Support Naira

The CBN mopped up about N1 trillion in excess liquidity via Open Market Operations (OMO) between October 2023 and January 2024 to fight inflation and support the naira
OMO bills are issued by the CBN to control money supply; excess money can worsen inflation
The CBN has had 3 OMO auctions this year, raising N1 trillion to reduce liquidity
The IMF advised the CBN to raise up to N2 trillion in OMOs over 12 months to curb excess liquidity
Despite banks' cash scarcity, currency in circulation rose 21% to N3.35 trillion in November 2023, up from N2.76 trillion in September