By BizWatch Nigeria Markets Desk | August 28, 2026
Key Points
- CBN receives ₦4.26 trillion in subscriptions against ₦1 trillion offered at the August 26 OMO auction
- Investors subscribe ₦3.48 trillion for the 132-day bill, almost seven times the amount offered
- CBN allots ₦2.80 trillion as stop rates fall while true yields remain above 21%
Main Story
The Central Bank of Nigeria (CBN) recorded ₦4.26 trillion in subscriptions at its Open Market Operations (OMO) auction on August 26, 2026, against a combined offer of ₦1 trillion.
The strong demand came across the 97-day and 132-day OMO bills, highlighting continued investor appetite for naira-denominated fixed-income securities offering attractive returns.
Subscriptions for the 97-day bill reached ₦783 billion against ₦500 billion offered. The CBN allotted ₦613 billion, while the stop rate declined by 49 basis points to 19.90% from 20.39% at the previous auction. The corresponding true yield was about 21.02%.
Demand was considerably stronger for the 132-day instrument, which attracted ₦3.48 trillion in subscriptions, nearly seven times the ₦500 billion offered. The CBN allotted ₦2.18 trillion at a stop rate of 19.65%, down 36 basis points from 20.01% previously. Its true yield was approximately 21.16%.
In total, the CBN sold ₦2.80 trillion, significantly above its initial ₦1 trillion offer.
The auction also represents a substantial liquidity sterilisation exercise, as the CBN absorbed ₦2.80 trillion from the financial system. The pricing outcome showed that strong demand persisted even as nominal stop rates declined.
The stronger subscription for the longer 132-day tenor also suggests that investors remained willing to commit funds for a longer period to secure comparable or slightly higher true returns.
What’s Being Said
No direct CBN or independent analyst quotation was provided in the source material. The available auction data, however, show that demand remained strong despite lower stop rates.
The CBN’s allotment of ₦2.80 trillion against a ₦1 trillion offer indicates that the auction served both as a major investment opportunity and a significant liquidity-management operation.
What’s Next
- Investors will monitor subsequent OMO auctions for further movements in stop rates and true yields
- Market participants will assess whether strong demand persists as the CBN continues to absorb excess naira liquidity
- Future auction outcomes will provide further signals on investor appetite for short- and medium-term government-backed securities
Bottom Line
The Bottom Line: The latest OMO auction shows that investors remain prepared to deploy substantial funds into CBN securities even as nominal yields decline. The combination of heavy demand and yields above 21% on a true-yield basis keeps OMO bills firmly positioned as an attractive outlet for naira liquidity.
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