The Central Bank of Nigeria (CBN) has launched a new series of Open Market Operations (OMO) bills, making them available for subscription by foreign portfolio investors and licensed local deposit money banks (DMBs) in the primary market, as approximately ₦240 billion in previously issued bills near maturity.
The apex bank is set to conduct additional OMO auctions valued at ₦500 billion across standard maturity profiles on Tuesday, reaffirming its firm stance on curbing system liquidity amid sustained high levels.
According to a market note issued by Erad Partners Limited, the CBN’s strategy aims to ensure the maintenance of positive real interest rates, particularly in the context of headline inflation standing at 24.23%. The note highlighted that with the Nigerian Treasury Bills (NTB) auction scheduled for Wednesday, investors are closely monitoring today’s OMO sale to assess whether yields will climb across the yield curve.
The Nigerian debt market is projected to see total inflows from Federal Government of Nigeria (FGN) bonds, Nigerian Treasury Bills, and OMO maturities amounting to ₦3.45 trillion in May.
“The dynamic interaction between liquidity mopping and repricing of yields remains a focal point—market participants are eagerly anticipating the next signal,” the Chief Investment Officer at Erad Partners noted in the report. OMO maturities worth ₦239.150 billion are expected, and recent trends suggest the CBN has resumed an aggressive posture in OMO issuance. Following a lull in the first quarter, the CBN conducted two rounds of OMO auctions in April.
In the last three weeks alone, the apex bank has initiated three separate OMO bill offerings—partly intended to encourage foreign currency inflows and strategically manage liquidity levels in the financial system.
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