Nigerian OMO Bills Attract N5.7trn from Retail, Corporate Investors
The Central Bank of Nigeria (CBN) floated N1.5 trillion in OMO bills for retail and corporate investors to subscribe to as part of its liquidity management at the main auction conducted on Friday.
The money market liquidity opened the day with a credit balance of ₦8.29 trillion, up ₦0.71 trillion from ₦7.58 trillion. Repayment inflows from expired instruments bolstered liquidity.
At the open market operation, the CBN offered N1.5 trillion in OMO bills across the 179-day, 270-day, and 361-day tenors. CardinalStone Securities Limited said the bills received a total subscription of N5.7 trillion in an update.
The investment firm said the authority only allotted OMO bills totalling N2.7 trillion across the three tenors at stop rates of 17.25%, 16.54%, and 15.74%, respectively.
The market witnessed strong investor appetite for the OMO bill at the CBN’s auction on 3 November 2026, with subscriptions of N3.52trn against an offer of N1.50trn, representing a bid-to-cover ratio of 2.35x.
Demand was concentrated in the 133-day instrument, which attracted N2.39trn or 67.8% of total bids. The CBN allotted N2.95trn, 96.3% more than its initial offer, with the 133-day bill accounting for N2.36trn.
The 119-day and 126-day instruments recorded allotments of N339.82bn and N247.31bn, respectively. Stop rates settled at 17.77%, 17.71% and 17.67%.
Secondary market trading was relatively quiet. The 8 December OMO was offered at 18.40%, while the 26 January OMO was offered at 17.60%.
Herwood Securities Limited said it offered the 2, 9 and 16 March OMO bills at 17.50%. Further along the curve, the 20 April OMO was offered at 16.90%, while the 22 June OMO was offered at 16.15%.
Overall, trading remained active across both segments, with market interest spread across various maturities. The OMO curve continued to offer higher yields than the NTB segment, particularly at the shorter end, with yields gradually moderating across the longer-dated maturities. Nigerian Treasury Bills Yields Fall after CBN Rejects Auction Bids
