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Oversubscription of N1 Trillion OMO Bills show of confidence in economy, says CBN

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CBN uncovers $2.4bn foreign exchange scam
• CBN Governor Olayemi Cardoso
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The Central Bank of Nigeria (CBN) said it successfully concluded a sale of government securities, issuing N1.053 trillion (about $680 million) in short-term instruments as part of its liquidity management exercise.

The apex bank offered N500 billion at the Open Market Operations (OMO) auction and oversubscribed, selling N1.053 trillion, with 79 per cent of the total bids, or the equivalent of $530 million, coming from foreign investors.

The auction held over the weekend was the first since the CBN’s Monetary Policy Committee (MPC) meeting, which was followed by a virtual meeting with foreign portfolio investors at the NGX investors forum.

The CBN Governor, Mr. Olayemi Cardoso, had used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and economy.

Cardoso further highlighted in the meeting with investors an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange market, and imminent settlement of the remaining backlog of genuine Foreign Exchange (FX) transactions by the bank.

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

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

Also, addressing journalists over the weekend, CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the development underscored the level of confidence that the apex bank now enjoyed from investors.

She said the central bank management remained  optimistic that its monetary policy measures were beginning to yield positive results.

However, the auction was in three categories based on tenors including 95-day, 179-day, and 361-day OMO bills.

The apex bank offered N75 billion in 95-day bills, with a stop rate of 19.00per cent, and received a subscription and total sales of N37.05 billion.

The 172-day bills saw N75 billion on offer at a 19.5 per cent stop rate, as investors subscribed N8.25billion, leaving CBN to settle for N6 billion.

Subscription levels for the 361-day OMO bill was robust, reflecting heightened investor appetite amidst the current economic landscape.

The 361-day bills recorded the highest rate at 21.5 per cent on a N350 billion amount offered by CBN.

The bids ranged from 19.0000 per cent to 19.0000 per cent for the 95-day bills, 119.4600 per cent to 22.0000 per cent for the 179-day bills, and 20.6900 per cent to 23.5000 per cent for the 361-day bills.

These ranges show the variability of investor expectations regarding yield, with some investors willing to accept lower rates, while others aimed for the higher end of the spectrum.

Meanwhile, Cardoso at the NGX forum, reassured foreign investors that the central bank would settle the outstanding FX liabilities of the five remaining banks within a few days, adding that the country had so far attracted $2 billion in foreign portfolio inflows this year.

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Obi donates N10 million to burnt hospital in Enugu

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Mr Peter Obi presenting a cheque of 10 Million Naira to assist in the renovation of the burnt Mother of Christ Specialist Hospital, Enugu State.
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Presidential candidate of the Nigeria Democratic Congress (NDC) in the forthcoming 2027 general election, Mr. Peter Obi, has donated N10 million to assist in the renovation of the burnt Mother of Christ Specialist Hospital, Enugu State.

The former Anambra State governor handed over the cheque for the donation to the hospital management team when he visited the hospital yesterday.

The hospital belongs to the Reverend Sisters of the Immaculate Heart of the Catholic Church.

Mr Peter Obi inspecting the burnt hospital

Addressing the hospital management team after inspecting parts of the burnt hospital, the NDC presidential candidate commended them for their efforts in contributing to healthcare delivery services.

Telling them that even though they might feel that they were not being appreciated for what they were doing, Obi, however, described healthcare delivery services and education as among the “most critical needs of society” and urged them not to relent in what they were doing.

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Accompanied during the visit by his Chief of Staff, Commissioner for Housing, as well as Special Adviser on Media when he was Anambra State governor, Prof. Stella Okunna, Prof. Patrick Obi, and Dr. Valentine Obienyem respectively, Obi assured the hospital management team that he would continue to support them.

Part of the hospital gutted by the inferno and inspected by Obi was the Children’s Ward.

Expressing gratitude on behalf of the hospital management, the Chief Medical Director of Immaculate Heart Hospital, Nkpor, Anambra State, Rev. Sister Dr. Maria Nkiruka Okafor, eulogised Obi for his sacrifices and selfless contributions to humanity.

Disclosing that Obi had already credited the hospital’s accountant with the N10 million donation and that he was even the person who called her to inform her that he had received the sad news of the inferno and promised to donate towards the renovation, Rev. Sister Okafor described him as a rare politician.

She prayed that God would grant him his ambition to become President of the country and enable him to achieve his desire to transform it.

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FG, Enugu State target direct China-Enugu Cargo flights by December – Keyamo

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Aviation Minister, Festus Keyamo
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The Federal Government and Enugu State Government are in talks to ensure the commencement of direct cargo flight operations between Enugu and Guangzhou, China, before the end of the year.

The Minister of Aviation and Aerospace Development, Barr Festus Keyamo, disclosed this in Lagos during the launch of the United Air’s newly acquired airplanes on Thursday.

The Minister added said the FG had affected a structural management overhaul at the Akanu Ibiam International Airport, also bringing the airport under a privately run operational framework.

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“One of our prides in the South is the Enugu International Airport. The Enugu governor approached Mr. President, noting that the airport was not maximising its economic potential under standard bureaucratic structures, and requested to bring in private investors to run it. Mr. President gave the green light.

“As I speak with you, Enugu is now fully privately owned and fully supported by state government, with the clear objective of also turning it into a dedicated cargo hub for the entire Southeast.”

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To this effect, therefore, Keyamo said that a high-level bilateral trade negotiations were ongoing with a view to securing direct logistics flights between China and the Southeast by the end of 2026.

“Just two days ago, the Enugu governor and I were actively negotiating the first direct cargo flight from Guangzhou, China, straight into Enugu.

“We are targeting December for the maiden flight. This will allow our Southeast merchants and traders in China to consolidate their goods into unified cargo accounts twice a week, flying straight into Enugu for seamless delivery to hubs like Onitsha and Aba,” he concluded.

It is recalled that Governor Mbah had in July 2025 launched Enugu Air, a state-owned airline, as part of the administration’s integrated blueprint for a modern, multimodal transport ecosystem and the vision to make Enugu a major aviation and logistics hub.

Since then, Enugu Air has grown its fleet from three at inception to six planes with plans to further increase it as it prepares to commence operations to regional destinations like Accra, Libreville, Abidjan in next few months and long haul flight operations to various destinations around the world by the end of the year.

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Retired Generals raise alarm over insecurity, say govt must be proactive

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Late Major General Rabe Abubakar (rtd)
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