CBN injects N3.8 trillion in two days, boosting system liquidity to N4.89 trillion

The Central Bank of Nigeria (CBN) repaid a combined N3.81 trillion into the banking system across September 15 and 16, 2026, boosting banking system liquidity by 131% to N4.891 trillion parked with the apex bank through the Standing Deposit Facility (SDF) on September 16 alone.

This is according to CBN financial market data covering September 15 and 16, 2026, which shows a banking system awash with liquidity.

The cumulative repayment figure comprises N3.056 trillion in Open Market Operations (OMO) repayments on September 15 and N748.64 billion in primary-market repayments on September 16.

What the data is saying:

Banks opened September 16 with balances of N251.25 billion, down N113.53 billion from N364.78 billion on September 15.

• The N3.056 trillion OMO repayment on September 15 ended up at SDF, CBN’s sterilization channel, the next day.
• Consequently, SDF placements hit N4.891 trillion on September 16, about 108% increase over N2.118 trillion on September 15.
• The N3.056 trillion OMO repayment exceeded that day’s N2.118 trillion SDF placement by about N938 billion, pointing to a net liquidity injection.

However, on September 16, the N748.64 billion primary-market repayment was about six-and-a-half times smaller than the N4.891 trillion parked at the SDF, a gap of roughly N4.14 trillion.

Taken together, the two days show the CBN releasing a cumulative N3.81 trillion into the system through OMO and primary-market repayments, while banks placed a cumulative N7.01 trillion at the SDF over the same window, drawing down the larger liquidity buffer already present in the system.

More insights:

The scale of the September 15–16 repayments align closely with liquidity inflows projected earlier by the Financial Markets Dealers Association (FMDA) which had estimated total liquidity inflows of N3.56 trillion for the week, up from N3.02 trillion the previous week, an 18.2% increase.

• FMDA projected OMO maturities of N3.06 trillion, up from N2.94 trillion the prior week, and accounting for roughly 86% of the week’s total estimated inflow — a projection that matched almost exactly with the N3.056 trillion OMO repayment that materialised on September 15.
• Treasury Bills maturities were projected to jump sharply to N449.76 billion from N71.37 billion, the second-largest source of inflow for the week.
• FGN bond coupons of N39.65 billion were flagged as a new inflow source, alongside smaller increases in corporate bond coupons (N5.87 billion) and commercial paper maturities (N8.47 billion).

No FGN bond maturities, corporate bond maturities, or FAAC disbursements were projected for the week, meaning the OMO and T-bills maturities alone accounted for about 98.6% of the total N3.56 trillion inflow estimate.

What you should know:

The September 15–16 pattern extends a liquidity dynamic that has featured repeatedly in the CBN’s financial data through 2026.

• In August, the CBN withdrew a combined N4.72 trillion via four OMO auctions over two days, even as N4.3 trillion flowed back into the system through primary-market repayments over the same window, with N3.42 trillion still sitting in the SDF at the time.
• Earlier in the year, the CBN sterilised over N3.57 trillion within three days in February, with banks placing nearly N3 trillion daily at the SDF despite multi-trillion-naira absorptions through OMO and primary-market issuances.

With SDF placements climbing sharply into mid-September even as the CBN continues to inject liquidity through maturing instruments, attention will likely turn to the CBN’s next Treasury Bills and OMO auction cycles.