The Central Bank of Nigeria (CBN) allocated a total of N655.25 billion in Open Market Operation (OMO) bills to investors during its latest primary market auction aimed at partially refinancing maturing obligations worth N1.14 trillion.
According to data from MarketForces Africa, the auction held on Tuesday targeted market participants including foreign portfolio investors and local financial institutions. The monetary authority offered N500 billion across two longer-tenure maturities, drawing substantial interest and resulting in a healthy bid-to-offer ratio of 1.5x.
Investors showed keen interest in the auction, with total bids reaching N743.25 billion, underscoring the strong appetite for Nigerian fixed-income assets despite macroeconomic uncertainties.
The CBN offered OMO bills with maturities of 182 days and 210 days. The 182-day bills were priced at 23.77%, while the 210-day bills carried a slightly higher yield of 23.98%. Analysts noted that these high rates reflect the apex bank’s strategy to manage liquidity while attracting investment inflows.
The N655.25 billion allocation comes as part of the CBN’s ongoing effort to stabilise the financial markets and provide investment alternatives in a tightening monetary environment. This latest auction is part of broader liquidity management initiatives aimed at ensuring financial system stability.
OMO auctions have increasingly become vital in mopping up excess liquidity and supporting the naira by attracting both domestic and offshore investment in short-term instruments.
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