The Central Bank of Nigeria (CBN) on Tuesday conducted a fresh round of Open Market Operation (OMO) auctions, offering bills worth ₦400 billion to both foreign portfolio investors and local deposit money banks.
According to details from the apex bank, the bills carried a maturity period of 84 days and were introduced to mop up liquidity following the expiration of earlier OMO instruments.
Although the offer size was pegged at ₦400 billion, the CBN under-allotted, selling ₦349.46 billion at a stop rate of 26.50%. Market data showed that total subscriptions reached ₦710.96 billion, reflecting strong investor appetite for short-term, high-yield assets.
Analysts said the higher interest rate aligns with the CBN’s strategy to attract foreign portfolio inflows and maintain liquidity balance in the financial system.
Meanwhile, the interbank market remained buoyant, supported by ₦758 billion OMO maturity inflows. The central bank has consistently raised OMO rates in recent weeks, a move seen as critical to curbing inflationary pressures while keeping offshore investors engaged.
Market experts believe that with yields now at record highs, demand from both local and foreign investors is expected to remain strong in subsequent auctions, especially given the CBN’s commitment to stabilizing the naira through aggressive liquidity management.
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