Investors submitted N20.58 trillion in bids across the Central Bank of Nigeria’s (CBN) four Open Market Operations (OMO) auctions in September, more than five times the N3.9 trillion offered.
The CBN ultimately allotted about N12.823 trillion, with demand remaining strong across all four auction sessions held on September 1, 8, 16 and 24.
The September 8 auction recorded the highest single-session demand, attracting N6.306 trillion in subscriptions against a N1 trillion offer, while N4.397 trillion was allotted. The September 24 auction also attracted N5.741 trillion against N900 billion offered.
At the same time, OMO rates declined significantly. The rate on longer-tenor instruments fell from 18.99% at the beginning of September to 17.29% by the final auction, while a newly introduced 180-day instrument cleared at 16.99%.
The fall in rates accelerated after the Monetary Policy Committee cut the MPR by 350 basis points to 23% on September 22. Despite the lower yields, September’s N20.58 trillion subscription level was the highest recorded so far in 2026, indicating sustained demand for CBN instruments.
