This is the second liquidity absorption by the CBN this year. Earlier, the 161-day and 210-day OMO Bills auction on January 6, 2026, was oversubscribed by N2.71 trillion, highlighting strong investor appetite for CBN instruments.

The OMO Bills recorded overwhelming demand concentrated on two 203-day tenors. The first 203-day tenor scheduled to mature on August 11, 2026, was allotted N491 billion and received a total subscription of N532 billion.

The successful bid rates ranged from 19.30% to 19.80%, while the marginal rate settled at 19.38%.

The second 203-day tenor OMO Bill offered by the Nigerian Banking Authority has a maturity date of September 22, 2026.

The CBN allotted N2.151 trillion to it, while it received significantly higher demand with subscriptions of N2.37 trillion. The successful bid rates range between 19.34% and 19.39%, while the marginal rate closed at 19.39%.

The auction results reflect the investor appetite for long-term OMO Bills investment rather than the shorter term.

It’s worth noting that both tenors were heavily oversubscribed, although the majority of the investors prefer longer-term investment with attractive returns of close to 19.4%.

Yields on the two instruments remained narrowly ranged around 19.38%–19.39%, consistent with recent OMO auctions.

The OMO Bill is one of the monetary policy instruments the Nigerian Central Bank uses to regulate inflation rates, money supply, and support naira stability.

Data released by the apex bank shows that ₦600 billion was initially offered across two tenors.

The auction featured a 161-day bill maturing on June 16, 2026, and a 210-day bill with an August 4, 2026 maturity date. Each tenor was offered at ₦300 billion.

Total subscriptions came in at ₦2.71 trillion, with demand heavily skewed toward the longer 210-day tenor.

The 210-day bill attracted ₦2.45 trillion in bids, with the full amount allotted. Meanwhile, the 161-day tenor recorded ₦277 billion in subscriptions, out of which ₦259 billion was allotted.

Successful bid rates ranged between 19.25% and 19.34% for the 161-day bill, while the 210-day bill cleared between 19.28% and 19.40%. Stop rates were fixed at 19.34% for the 161-day tenor and 19.40% for the 210-day tenor.

No OMO bills matured on the auction date, resulting in a net liquidity withdrawal of ₦2.71 trillion through outright sales. The strong oversubscription recorded on the 210-day tenor points to sustained investor preference for longer-dated instruments.

What to Know About CBN’s Open Market Operations

Open Market Operations (OMO) is a monetary policy tool used by the CBN to regulate money supply, manage inflation, and stabilize interest rates.

OMO bills are primarily used to absorb or inject liquidity into the banking system and are not instruments for financing government spending.

Other government securities overseen by the apex bank include Nigerian Treasury Bills (NTBs), while Federal Government Bonds (FGN Bonds) are issued monthly by the Debt Management Office (DMO).

FGN Bonds are traded on both the Nigerian Exchange Group (NGX) and the FMDQ Securities Exchange Limited.

As of the time of filing this report, the January 2026 FGN Bond auction is yet to be conducted, according to data from the DMO.