The Central Bank of Nigeria (CBN) sold approximately N4.686 trillion in Open Market Operations (OMO) bills at its September 29, 2026 auction, nearly double the N2.5 trillion originally offered and almost twice the N2.433 trillion OMO repayment maturing on the same day.
According to the auction results published by the apex bank on Tuesday, September 29, 2026, investors submitted N6.399 trillion in total bids across the three instruments offered, with the newly introduced 266-day instrument attracting the bulk of demand.
The auction, which offered N500 billion in 147-day paper, N1 trillion in 182-day paper and N1 trillion in 266-day paper, recorded successful allotments about N2.19 trillion above the headline offer, resulting in a larger liquidity withdrawal than the initial auction notice suggested.
Demand across the three instruments totalled N6.399 trillion, equivalent to about 2.56 times the N2.5 trillion offered, with roughly 73.2% of total subscriptions ultimately successful. The longest-dated instrument dominated both subscriptions and successful allotments.
The corresponding true yields were more tightly grouped at between 18.41% and 18.53%, despite the 101-basis-point difference between stop rates on the shortest and longest instruments.
The scale of the successful allotment stands out when compared with the N2.433 trillion OMO repayment that matured on September 29. While the original N2.5 trillion auction offer was only N66.8 billion above the OMO repayment same day, the final N4.686 trillion allotment exceeded it by approximately N2.253 trillion.
The September 29 outcome therefore resulted in the CBN absorbing substantially more liquidity than was injected through the OMO maturity on the same day.
Nairametrics’ analysis of CBN financial data had shown net system liquidity strengthening to N8.57 trillion citing OMO and Bond maturities expected to hit banking system during the week.
The September 29 auction extends a month in which CBN OMO auctions have attracted the strongest cumulative investor demand recorded so far this year.
The strong demand for the 266-day instrument indicates that investors continued to take up longer-dated OMO bills at lower rates, as attention shifts to whether the CBN maintains the scale of its liquidity absorption into October following the 350-basis-point reduction in the Monetary Policy Rate earlier in September.
