CBN Sells N3.85trn in OMO Bills as Investors Bid N4.07trn
The Central Bank of Nigeria’s Open Market Operations (OMO) auction on 10 November 2026 saw strong investor demand, with total subscriptions reaching N4.07 trillion against an offer of N1.50 trillion, for a bid-to-cover ratio of 2.71x.
In its market update on Tuesday, investment firm Cowry Asset Limited said the auction saw total sales of N3.85 trillion, representing 2.57x the amount offered, indicating the CBN’s willingness to absorb liquidity beyond its initial target.
Demand was heavily skewed towards the 329-day instrument, which attracted subscriptions of N2.82tn, accounting for approximately 69.3% of total bids, Cowry Asset Limited told investors in its update.
The CBN allotted N2.79 trillion on this tenor, significantly above its N500 billion offer, at a stop rate of 15.99%. The 252-day bill also saw healthy demand, with N791.50 billion in subscriptions and N783.50 billion in sales, while the 154-day instrument attracted N457.89 billion, below its offer, and sold for N280.76 billion.
Stop rates settled at 17.44%, 16.68% and 15.99% across the 154-day, 252-day and 329-day instruments, respectively, reflecting a downward yield structure across the tenors. However, true yields remained relatively aligned at 18.83%, 18.85% and 18.68%, respectively.
Overall, the auction points to sustained investor appetite for longer-dated OMO instruments, while the substantial oversubscription and sales above the offer amount highlight the CBN’s continued liquidity sterilisation efforts.
The sizeable allotment at the longer end could also reflect investors’ preference for locking in prevailing yields amid expectations of changing monetary conditions, Cowry Asset Limited stated. Foreign Investors Pivot into US Dollar Bonds, Yields Ease
