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OPEN MARKET OPERATION
Trading turnover on the FMDQ Exchange reached N551.23 trillion in the first nine months of 2026, equivalent to $403.08 billion, with foreign exchange and Open Market Operations (OMO) bills accounting for nearly two-thirds of market activity.
The Central Bank of Nigeria (CBN) sold N2.628 trillion in Open Market Operations (OMO) bills at its October 22, 2026 auction, exceeding its initial N2 trillion offer by N628.52 billion, or 31.43%, as stop rates increased across both tenors, signaling resumption of rates increase.
The Central Bank of Nigeria (CBN) is offering N2 trillion in Open Market Operations (OMO) bills on Thursday, October 22, 2026, as banking system liquidity remains elevated following substantial securities repayments.
Nigeria's money market is expected to receive approximately N2.499 trillion in inflows during the week beginning October 12, 2026, with maturing Open Market Operations (OMO) bills accounting for nearly all the projected funds, following a 23.68% decline in banking system liquidity.
Nigeria’s fixed-income market is expected to receive about N11 trillion in liquidity inflows in October, which Cordros Capital says could sustain reinvestment demand and put further downward pressure on yields.
The Debt Management Office (DMO) allotted N968.47 billion in Nigerian Treasury Bills (NTBs) on Wednesday, exceeding its N900 billion offer as strong investor demand accompanied a further decline in the 364-day stop rate to 15.85%.
The Central Bank of Nigeria (CBN) withdrew about N3.31 trillion from the banking system at its October 6, 2026 Open Market Operations (OMO) auction, while approximately N2.17 trillion in maturing OMO bills flowed back into the system.
The Financial Markets Dealers Association (FMDA) has projected total liquidity inflows into Nigeria’s financial system at N13.250 trillion in October 2026, representing a 14.82% decline from the N15.556 trillion estimated for September.
The official interbank/NAFEM market has remained relatively stable in the aftermath of previous structural shocks and aggressive peso devaluation. The large reserve buffer is preventing the sharp downward spirals seen in earlier quarters.
Nigeria’s fixed-income market closed on Thursday, October 2, 2025, with Treasury bill yields easing marginally across maturities, while the Federal Government bond market ended mixed, reflecting tight liquidity conditions in the money market, FMDQ data showed.
Nigeria’s foreign exchange market has seen the turnover on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window surge by an astonishing 231.99% on May 24, 2024
The CBN leveraged higher interest rates to attract a strong turnout from investors, effectively utilizing OMO bills to absorb excess liquidity from the financial system.