7. The sharp increase was triggered by increased liquidity level in the banking system during the year.
The report stated: “Total CBN Bills offered, subscribed and sold at the OMO auctions increased to ?34,610.06 billion, ?24,916.29 billion and ?22,350.16 billion, compared with ?13,762.94 billion, ?12,344.90 billion, and ?11,346.48 billion, respectively, in 2017. On the CBN’s lending to banks in 2018 through it’s Standing Lending Facility the report said: “The average daily request for SLF was ?48.44 billion in 234 transaction days, out of which ILF conversion averaged ?30.43 billion, amounting to 62.82 per cent of2017, the average daily request for SLF was ?216.34 billion in 246 transaction days, out of which ILF conversion was ?130.63 billion or 60.38 per cent, while average daily interest income stood at ?159.96 million.