CBN sells N4.69 trillion OMO bills, more than double N2.43 trillion maturing same day

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.

266-Day OMO draws N4.54 trillion:

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 266-day instrument attracted N4.543 trillion in subscriptions against N1 trillion offered, representing demand of 4.54 times the offer, while N2.996 trillion was successfully allotted.
• The 182-day security attracted N1.337 trillion in subscriptions, with N1.225 trillion allotted, about N225.5 billion above the N1 trillion initially offered.
• The 147-day instrument attracted N519.4 billion against N500 billion offered and was the only tenor where the N464.4 billion successful allotment fell below the amount offered.
• Stop rates declined across the tenors, with the 147-day paper clearing at 17.24%, the 182-day at 16.94% and the 266-day at 16.23%.

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.

OMO Sales double same-day repayment:

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.

• Successful OMO sales were about 1.93 times the size of the N2.433 trillion repayment maturing on the same day.
• The CBN had already recorded more than N6.2 trillion at the Standing Deposit Facility as of September 29, indicating substantial liquidity remained within the banking system.
• Compared with the September 24 auction, subscriptions increased by about 11.5% from N5.741 trillion to N6.399 trillion.
• Successful allotments increased from N2.255 trillion on September 24 to N4.686 trillion on September 29, a rise of approximately N2.431 trillion, or about 108%.

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.

September OMO Sales reach N17.5 trillion:

The September 29 auction extends a month in which CBN OMO auctions have attracted the strongest cumulative investor demand recorded so far this year.

• Across the four earlier September auctions, the apex bank offered N3.9 trillion and allotted approximately N12.823 trillion as investors submitted N20.58 trillion in bids.
• Adding the N4.686 trillion allotted on September 29 takes total OMO sales for September to approximately N17.5 trillion across five auctions.
• The cumulative headline offer across the five auctions stood at about N6.4 trillion, meaning actual allotments were more than 2.7 times the amount initially offered.
• The September pattern follows the N4.72 trillion mopped up through OMO sales over two days in late August.
• The longest tenor at the latest auction cleared at 16.23% despite attracting subscriptions equivalent to 4.54 times its original offer.

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.