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Open Market Operations Of The Central Bank Of Nigeria: Theory, Development And Growth, Ojo M. O.
Open Market Operations Of The Central Bank Of Nigeria: Theory, Development And Growth, Ojo M. O.
CBN Occasional Papers
The aim of the paper is to assess the efficacy of the open market operations of the Central Bank of Nigeria (CBN), as an instrument of monetary management. Against the adopted framework of the instrument, it analyses the movements in open market transactions and changes in the portfolio of treasury bill holdings of the CBN and other financial institutions. The initial application of the instrument was quite successful, resulting in the sale of large volumes of the securities and consequent decline in the portfolio of CBN’s holdings of government securities. These trends were reversed in the latter part of the …