CBN Mops Up ₦3.46 Trillion in OMO, Treasury Bills Auctions, Keeps Rates Unchanged

The Central Bank of Nigeria (CBN) has allotted approximately ₦3.46 trillion across its Open Market Operations (OMO) and Nigerian Treasury Bills (NTB) auctions held on November 3 and 4, 2026, as it continues efforts to manage liquidity in the banking system.

Investors submitted bids worth approximately ₦5.57 trillion against a combined offer of ₦2.3 trillion, representing subscriptions of about 2.42 times the amount on offer.

According to auction results published by the apex bank, the larger share of the allotment came from the OMO auction, while Treasury Bills stop rates remained unchanged despite strong investor demand.

OMO Auction Accounts for Largest Share

At the November 3 OMO auction, the CBN allotted approximately ₦2.95 trillion against an offer of ₦1.5 trillion.

The auction attracted subscriptions of about ₦3.52 trillion across the 119-day, 126-day and 133-day instruments, representing a bid-to-cover ratio of approximately 2.35 times.

The 133-day instrument recorded the highest demand, attracting ₦2.36 trillion in subscriptions, accounting for about 67 per cent of total OMO bids.

The stop rates stood at 17.77 per cent for the 119-day instrument, 17.71 per cent for the 126-day bill and 17.67 per cent for the 133-day tenor.

The OMO allotment represented approximately 85.3 per cent of the combined ₦3.46 trillion raised across both auctions.

Treasury Bills Attract ₦2.04 Trillion in Bids

• At the November 4 Treasury Bills auction, investors submitted bids worth approximately ₦2.045 trillion against an offer of ₦800 billion.
• However, the CBN allotted only ₦509.41 billion, representing about 63.7 per cent of the advertised offer and leaving approximately ₦1.54 trillion in bids unallotted.
• Demand was heavily concentrated in the 364-day Treasury Bill, which attracted ₦1.994 trillion in subscriptions, with ₦461.84 billion allotted.
• The 91-day instrument attracted ₦25.01 billion in bids and received ₦22.40 billion in allotments, while the 182-day bill recorded ₦25.83 billion in subscriptions and ₦25.17 billion in allotments.
• The latest allotment was significantly higher than the ₦71.16 billion recorded at the October 28 auction, when most investor bids were rejected.

CBN Keeps Treasury Bills Stop Rates Unchanged

• Despite the strong demand, the CBN maintained Treasury Bills stop rates at the previous auction levels.
• The 91-day bill remained at 15.40 per cent, while the 182-day and 364-day instruments stayed at 15.79 per cent and 15.80 per cent, respectively.
• Notably, bids for the 364-day instrument reached as high as 18.18 per cent, above the accepted stop rate of 15.80 per cent.
• Meanwhile, average secondary-market Treasury Bills yields increased by approximately 43 basis points to 17.70 per cent on November 3, compared with 17.28 per cent on October 28.
• The three-month benchmark yield rose by 130 basis points to 17.40 per cent, while the six-month benchmark increased by 122 basis points to 17.85 per cent.
• The 126-day OMO stop rate of 17.71 per cent was also 192 basis points higher than the 182-day Treasury Bills stop rate of 15.79 per cent.
• These differences reflect the varying yields investors are receiving across OMO instruments, primary-market Treasury Bills and secondary-market securities.

CBN Steps Up Liquidity Absorption

• The latest OMO allotment represents a significant increase from the October 29 auction, when the CBN allotted just ₦244.93 billion despite receiving subscriptions of ₦2.28 trillion.
• The larger November allotment comes amid elevated liquidity in the banking system, with CBN financial data showing balances above ₦7.72 trillion in its Standing Deposit Facility (SDF) on November 3.
• The liquidity position followed the settlement of approximately ₦2.016 trillion in OMO maturities, partly offset by the subsequent ₦2.95 trillion OMO allotment.
• In September, the CBN sold ₦17.51 trillion in OMO securities against maturities of ₦10.89 trillion, resulting in a net liquidity withdrawal of approximately ₦6.62 trillion.
• At its September 29 auction, the apex bank allotted about ₦4.69 trillion against an advertised offer of ₦2.5 trillion.
• The Financial Markets Dealers Association (FMDA) also reported that banking system liquidity increased by 56.75 per cent to ₦7.373 trillion in October as OMO absorption moderated.
• The association projected approximately ₦13.79 trillion in liquidity inflows during November, largely driven by OMO maturities, government allocations and Treasury Bills repayments.
• Meanwhile, the Debt Management Office has raised approximately ₦1.82 trillion against ₦2.95 trillion offered across four Treasury Bills auctions conducted so far in the fourth quarter of 2026.
• With another Monetary Policy Committee meeting scheduled for November, investors will be monitoring the CBN’s policy decisions and subsequent auction results for signals about the direction of short-term interest rates.
• Future movements in Treasury Bills yields are expected to depend largely on banking system liquidity, further OMO issuances and the rates the CBN accepts at upcoming auctions.