Investors submitted ₦6.1 trillion worth of bids for Central Bank of Nigeria (CBN) Open Market Operations (OMO) bills at an auction held on September 24, 2026, significantly exceeding the ₦1 trillion initially offered by the apex bank.
The strong demand came as investors sought to secure returns from naira-denominated fixed-income instruments following the CBN’s recent reduction of its benchmark interest rate.
CBN Offers ₦1 Trillion
The CBN offered OMO bills across three maturities:
68 days
152 days
180 days
Investors submitted about ₦6.1 trillion in total bids, representing more than six times the amount initially offered. The CBN subsequently allotted ₦2.3 trillion to successful bidders.
Longer-Term Bills Attract Investors
No allocation was made for the 68-day instrument.
The 152-day bill cleared at a stop rate of 17.29%, while the 180-day bill cleared at 16.99%.
The auction came shortly after the CBN cut its Monetary Policy Rate from 26.5% to 23%, a reduction of 350 basis points. The rate decision has been followed by lower yields across parts of Nigeria’s fixed-income market.
Strong Demand Despite Lower Yields
The latest auction shows continued investor demand for short-term government securities even as yields have begun to decline.
Nairametrics reported that across four OMO auctions in September, investors submitted a combined ₦20.58 trillion in bids against ₦3.9 trillion offered, while the CBN allotted approximately ₦12.823 trillion.
What This Means for the Market
Strong demand for OMO bills allows investors to place funds in relatively short-term naira-denominated securities, while the CBN uses OMO operations as part of its management of liquidity in the financial system.
The development also comes as Nigeria’s banking system faces substantial liquidity inflows from maturing securities and other payments. PUNCH reported that system liquidity had risen to ₦5.98 trillion by the week ended September 25.
Figures
OMO offer: ₦1 trillion
Investor bids: ₦6.1 trillion
CBN allotment: ₦2.3 trillion
152-day stop rate: 17.29%
180-day stop rate: 16.99%
CBN MPR: 23%