The Central Bank of Nigeria (CBN) allotted approximately N3.46 trillion across its Open Market Operations (OMO) auction on November 3 and Nigerian Treasury Bills (NTB) auction on November 4, 2026, while keeping Treasury Bills stop rates unchanged.
According to auction results published by the apex bank, investors submitted approximately N5.57 trillion in bids against combined offers of N2.30 trillion, representing subscriptions of about 2.42 times the amount offered.
The results showed stronger allotments at the OMO auction, while the Treasury Bills sale continued to record substantial unfilled bids despite increased investor subscriptions.
The CBN allotted approximately N2.95 trillion at its November 3 OMO auction, accounting for about 85.3% of the combined N3.46 trillion raised across both auctions.
The CBN allotted N509.41 billion in Treasury Bills, approximately 63.7% of the offer, leaving about N1.54 trillion in investor bids unallotted.
The latest Treasury Bills allotment was substantially higher than the N71.16 billion recorded at the October 28 auction, when most investor bids were rejected.
Treasury Bills stop rates remained unchanged at the November 4 auction despite subscriptions exceeding the advertised offer by more than two times.
These differences highlight the pricing gap between primary-market Treasury Bills, secondary-market securities and OMO instruments.
At the October 29 OMO auction, the CBN had allotted only N244.93 billion despite subscriptions of N2.28 trillion.
The November auctions therefore marked a substantial increase in OMO allotments, suggesting CBN may have resumed aggressive mop up. However, Treasury Bills allotments remained below the advertised offer.
The larger OMO allotment followed a period of elevated banking-system liquidity, with CBN financial data showing balances above N7.72 trillion in Standing Deposit Facility (SDF) on November 3.
Meanwhile, the Debt Management Office has raised approximately N1.82 trillion against N2.95 trillion offered across four Treasury Bills auctions held so far in the fourth quarter of 2026.
With another Monetary Policy Committee meeting scheduled for November, investors will be watching the CBN’s policy stance and subsequent auction decisions.
Further direction for short-term yields will depend on banking-system liquidity, additional OMO issuance and the rates accepted at upcoming Treasury Bills auctions.
