CBN raises ₦4.3 trillion through OMO and treasury bills

By Boluwtife Oshadiya | October 12, 2026,

The Central Bank of Nigeria (CBN) raised approximately ₦4.27 trillion through open market operation (OMO) and Nigerian Treasury bill auctions, as subscriptions exceeded the announced offers and investors maintained strong demand for government securities.

At the Treasury bill auction, the CBN offered ₦900 billion across the 91-day, 182-day and 364-day instruments, attracting subscriptions of approximately ₦1.8 trillion. The final allotment reached ₦968 billion, exceeding the initial offer by ₦68 billion, according to auction results cited by Cowry Asset Limited.

Stop rates remained unchanged at 15.50% for the 91-day instrument and 15.80% for the 182-day bill. The rate on the 364-day instrument declined by four basis points to 15.85%.

The CBN also conducted an OMO auction, offering ₦2 trillion across the 147-day and 182-day maturities. Subscriptions reached ₦3.5 trillion, while total allotments amounted to ₦3.3 trillion, exceeding the initial offer by ₦1.3 trillion.

The OMO instruments cleared at stop rates of 17.22% for the 147-day maturity and 16.92% for the 182-day maturity.

Combined allotments from the two auctions amounted to approximately ₦4.27 trillion, equivalent to the widely rounded figure of ₦4.3 trillion. The results indicate that investors submitted bids substantially above the amounts initially offered by the central bank.

The auctions took place against a backdrop of declining rates on some debt-market instruments and moderating inflation, according to the supplied market report. The combination of substantial subscriptions and continued allotments suggests that government securities remained attractive to investors seeking naira-denominated assets.

Cowry Asset Limited said the excess subscription and allotment at the Treasury bill auction highlighted sustained investor appetite for government securities.

The investment firm also noted that the lower stop rate on the 364-day Treasury bill, despite a marginal increase in secondary-market yields, pointed to continued demand for longer-dated government paper at the primary auction.

The supplied report does not include a direct quotation from the CBN or Cowry Asset Limited. The statements above are therefore presented as attributed paraphrases rather than direct quotes.

The results of subsequent CBN Treasury bill auctions will help establish whether demand remains strong across the 91-day, 182-day and 364-day maturities.

Further OMO operations and changes in stop rates will also be important indicators of investor demand and the central bank’s liquidity-management approach. The supplied report does not specify the dates of the next auctions.

The Bottom Line: Strong subscriptions allowed the CBN to absorb more funds than initially offered through both auction channels. However, sustained demand for government securities does not by itself establish the outlook for interest rates, which will also depend on monetary policy, inflation and liquidity conditions.

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