The Central Bank of Nigeria (CBN) has absorbed about N3.46 trillion through Open Market Operations (OMO) and Nigerian Treasury Bills (NTB) auctions conducted on November 3 and 4, 2026, as authorities stepped up liquidity management amid elevated banking-system funds.
The combined auctions attracted N5.57 trillion in subscriptions against N2.30 trillion offered, representing a bid-to-cover ratio of about 2.42 times.
The CBN allotted N2.95 trillion at its November 3 OMO auction, accounting for about 85.3 per cent of the combined allotment. The auction attracted N3.52 trillion in bids against an offer of N1.50 trillion across the 119-day, 126-day and 133-day instruments.
Demand was strongest for the 133-day OMO bill, which attracted N2.36 trillion in subscriptions. Stop rates were 17.77 per cent for the 119-day bill, 17.71 per cent for the 126-day instrument and 17.67 per cent for the 133-day bill.
At the November 4 Treasury Bills auction, subscriptions reached N2.045 trillion against N800 billion offered. The Debt Management Office (DMO) allotted N509.41 billion, leaving about N1.54 trillion in bids unallotted.
The 364-day Treasury Bill accounted for the bulk of demand, attracting N1.994 trillion in bids and receiving N461.84 billion in allotment. The 91-day and 182-day bills received N22.40 billion and N25.17 billion, respectively.
Despite the strong demand, Treasury Bills stop rates were left unchanged at 15.40 per cent for the 91-day bill, 15.79 per cent for the 182-day instrument and 15.80 per cent for the 364-day bill.
The decision came as secondary-market Treasury Bills yields continued to rise, with the average yield increasing by 43 basis points to 17.70 per cent on November 3 from 17.28 per cent on October 28.
The latest OMO intervention represents a sharp increase in liquidity absorption compared with the CBN’s October 29 auction, when only N244.93 billion was allotted despite N2.28 trillion in subscriptions.
The aggressive November OMO allotment also comes against the backdrop of elevated banking-system liquidity. FMDA data showed that liquidity rose 56.75 per cent to N7.373 trillion in October, while November is expected to see about N13.79 trillion in liquidity inflows from maturing securities, government payments and other sources.
The latest auctions therefore point to a renewed CBN effort to absorb excess liquidity, while the DMO maintains its existing pricing position on Treasury Bills.
