The Central Bank of Nigeria (CBN) has successfully raised approximately N2.3 trillion from a combination of Open Market Operations (OMO) and Nigerian Treasury Bills auctions conducted this week.
Investors, including Deposit Money Banks, Foreign Portfolio Investors, Pension Fund Administrators, and wealth managers, committed a total of N2.566 trillion across the two auctions.
On Tuesday, the CBN offered N600 billion worth of OMO bills—split evenly between 105-day and 245-day maturities—to eligible market participants. Demand was strong, with total subscriptions hitting N2.28 trillion, a 3.8x oversubscription rate. Ultimately, the bank allotted N2.12 trillion for the 245-day bills at a stop rate of 23.7%, effectively absorbing excess market liquidity.
The following day, the apex bank conducted a Treasury bills auction worth N220 billion across 91-day, 182-day, and 364-day maturities. While subscriptions reached N366.55 billion, down from the previous N675.66 billion, the CBN allotted N173.83 billion. Stop rates remained stable for the shorter tenors, but the 364-day bill rate rose by 62 basis points to 16.50%.
Strong appetite for longer-duration instruments was evident, with the one-year bill achieving a bid-to-cover ratio of 2.31x.
The combined outcome of the week’s auctions underscores investor interest in high-yield fixed-income instruments and the CBN’s continued efforts to tighten liquidity in the financial system.
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