By Boluwatife Oshadiya | September 9, 2026
Key Points
- CBN allots ₦4.40 trillion in OMO bills against ₦1 trillion offered across three tenors
- Investors subscribe for ₦6.31 trillion as demand concentrates on longer-dated OMO bills
- ₦3 trillion in OMO maturities due Wednesday is expected to inject liquidity into the financial system
Main Story
The Central Bank of Nigeria (CBN) allotted ₦4.40 trillion in Open Market Operation (OMO) bills on Tuesday, significantly exceeding its ₦1 trillion offer as investors sought short-term naira assets.
According to auction results reviewed by MarketForces Africa, total subscriptions reached ₦6.31 trillion across the 84-day, 147-day and 154-day OMO bills. The auction was conducted to absorb excess liquidity from the financial system.
The CBN offered ₦200 billion of 84-day bills and ₦400 billion each of the 147-day and 154-day instruments. Investors subscribed for ₦637.19 billion of the 84-day bills, of which ₦637.19 billion was allotted at 19.14%.
For the 147-day tenor, subscriptions reached ₦817.32 billion against an offer size of ₦400 billion, with the CBN allotting the subscribed amount at 18.49%.
The strongest demand was recorded on the 154-day bills. The CBN allotted ₦2.94 trillion at 18.41%, representing about five times the ₦600 billion offer and approximately 70% of total subscriptions for the tenor.
The auction came as system liquidity stood at ₦4.33 trillion at the opening of trading, according to MarketForces Africa, down ₦330 billion from Friday’s closing level of ₦4.66 trillion.
The sub-20% rates across all three tenors mark a notable shift in OMO pricing, while the high subscription levels indicate continued investor demand for short-term naira-denominated instruments.
What’s Being Said
MarketForces Africa reported that the strong subscription levels reflected sustained demand for naira assets, with longer tenors attracting the largest portion of investor interest.
No direct quotation from the CBN or an independent market analyst was included in the supplied material, so BizWatch Nigeria has not attributed an unverified quote to either source.
What’s Next
- ₦3 trillion in OMO bills is scheduled to mature on Wednesday, providing a significant liquidity injection into the financial system
- Market participants will monitor whether the OMO repayment offsets Tuesday’s liquidity mop-up and eases short-term funding conditions
- Subsequent CBN liquidity operations will help determine the direction of money-market rates following the maturity
Bottom Line
The Bottom Line: The CBN’s ₦4.40 trillion allotment shows that demand for naira assets remains strong even as the central bank continues to sterilise liquidity. However, Wednesday’s ₦3 trillion OMO maturity means the immediate liquidity impact of Tuesday’s auction could be partly reversed.
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