On Friday, the Central Bank of Nigeria (CBN), attracted $530 million from Foreign Portfolio Investors, FPIs during the sale of N1.053 trillion worth of Treasury bill sales held.

With 79% of the total bids, or the equivalent of $530 million, coming from foreign investors, the CBN offered N500billion at the Open Market Operations (OMO) auction and oversubscribed, selling at N1.053trn.

Friday’s auction was the first since the CBN’s Monetary Policy Committee meeting, which was followed by a virtual meeting with foreign portfolio investors.

During both sessions, CBN Governor Mr. Olayemi Cardoso established a comprehensive plan aimed at reducing inflation, maintaining exchange rate stability, and boosting trust in the banking sector and overall economy.

At the investor meeting, he provided an update on the CBN’s foreign exchange reserves, the foreign exchange market’s increased liquidity, and the central bank’s impending payment of the outstanding backlog of legitimate foreign exchange transactions.

Cardoso stressed that, “The CBN is committed to supporting price stability by taking the necessary measures to increase liquidity in the foreign exchange markets sustainably.

“Our focus is on building a fully functioning market that allows smooth entry and exit for investors,” he noted.

Wakadaily gathered that the Bank’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali said that the development underscored the level of confidence that the Bank now enjoyed from investors.

Adding that the CBN’s management was hopeful that its monetary policy initiatives were starting to have a good impact.