The Central Bank of Nigeria (CBN) released a combined N3.81 trillion into the banking system through repayments on September 15 and 16, 2026, pushing liquidity parked by banks at the apex bank’s Standing Deposit Facility (SDF) to N4.89 trillion.
The development, contained in CBN financial market data for the two days, reflects a significant increase in liquidity available to the banking system.
The N3.81 trillion comprised N3.056 trillion in Open Market Operations (OMO) repayments on September 15 and N748.64 billion in primary-market repayments the following day.
OMO repayment drives liquidity surge
The N3.056 trillion OMO repayment on September 15 was subsequently placed by banks at the CBN’s SDF, pushing SDF placements to N4.891 trillion on September 16, from N2.118 trillion a day earlier.
This represents an increase of about N2.77 trillion, or 131%.
Banks opened September 16 with balances of N251.25 billion, compared with N364.78 billion on September 15.
The OMO repayment was also about N938 billion higher than the N2.118 trillion placed at the SDF on September 15, indicating a net liquidity injection into the system.
However, the N748.64 billion primary-market repayment on September 16 was significantly smaller than the N4.891 trillion placed at the SDF that day.
Liquidity inflows had been projected
The latest development broadly aligns with the Financial Markets Dealers Association’s (FMDA) earlier estimate of N3.56 trillion in total liquidity inflows for the week.
The projection was higher than the N3.02 trillion estimated for the previous week.
OMO maturities were expected to account for N3.06 trillion, representing about 86% of the projected inflows. The actual N3.056 trillion repayment on September 15 closely matched the estimate.
Treasury Bills maturities were projected at N449.76 billion, while Federal Government bond coupons were estimated at N39.65 billion.
Corporate bond coupons and commercial paper maturities were projected at N5.87 billion and N8.47 billion respectively.
Together, OMO and Treasury Bills maturities accounted for about 98.6% of the N3.56 trillion projected weekly inflows.
Banks continue to park excess funds with CBN
The latest figures extend a pattern of substantial liquidity movements between the CBN and the banking system recorded during 2026.
In August, the CBN withdrew N4.72 trillion through four OMO auctions conducted over two days, while about N4.3 trillion flowed back into the system through primary-market repayments during the same period.
The CBN also sterilised more than N3.57 trillion within three days in February, even as banks continued placing large amounts at the SDF.
The September 15–16 data therefore shows that despite substantial repayments by the CBN, a sizeable volume of liquidity remained with the apex bank through the SDF.
Source: Nairametrics.
