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Nigeria still likely to end foreigner access to OMO bill sales

By David Whitehouse
Posted on Friday, 5 March 2021 09:39

The Nigerian central bank has been giving mixed signals on foreigners' access to open-market operations. REUTERS/Afolabi Sotunde

The denial by Nigerian central bank governor Godwin Emefiele that he is planning to end the access of foreigners to open market operation bills (OMOs) has left analysts unconvinced.

The central bank has struggled with the costs of having to sell the debt to stabilise the currency.

Bloomberg on March 2 reported director of monetary policy Hassan Mahmud as saying that sales to non-residents would be phased out once current obligations are redeemed. Emefiele responded by saying that foreigners will not be barred from participating in OMO auctions.