CBN auctions ₦1.5 trillion OMO bills today as banking liquidity hits ₦8.5 trillion
The Central Bank of Nigeria (CBN) is auctioning ₦1.5 trillion in Open Market Operations (OMO) bills this morning—its third such auction since November 3—as it aggressively absorbs excess cash from the banking system. The offer is split equally across three tenors: 154-day, 252-day, and 329-day maturities at ₦500 billion each.
Banking-system liquidity surged 15.36% week-on-week to ₦8.505 trillion as of November 6, up from ₦7.373 trillion. The Financial Market Dealers Association (FMDA) projects ₦2.448 trillion in fresh inflows this week, dominated by ₦2.298 trillion in maturing OMO securities (93.9% of total). Meanwhile, banks held ₦5.915 trillion at the CBN's Standing Deposit Facility on November 9, down from ₦8.311 trillion on November 6 after recent OMO settlements.
Previous auctions show strong demand and declining stop rates. On November 3, the CBN allotted ₦2.95 trillion at 17.77%, 17.71%, and 17.67% for 119–133 day tenors. On November 6, ₦2.72 trillion was allotted at lower rates: 17.25%, 16.54%, and 15.74% for 179–361 day instruments. The CBN has now raised ₦5.667 trillion in November—91.7% of October's total.
The Debt Management Office (DMO) continues to under-allot Treasury Bills relative to demand: ₦509.4 billion allotted against ₦2.045 trillion in bids on November 4. Another ₦800 billion T-bill auction is scheduled for November 11.
With OMO maturities driving 94% of weekly liquidity inflows and November projections at ₦13.79 trillion, the CBN's auction pace will determine whether liquidity tightens further. If you hold fixed-income positions or manage treasury operations, track today's stop rates—they signal the CBN's rate trajectory and your reinvestment benchmarks.