The first set of Open Market Operations (OMO) auctions by the Central Bank of Nigeria (CBN) for 2026 has attracted total subscriptions of N2.727 trillion across medium-term maturities.
At the OMO auction held January 6, the 210-day OMO bill attracted N2.45 trillion in subscriptions, far exceeding interest in the shorter 161-day tenor, which recorded N277 billion in bids.
The auctions reinforced the apex bank’s tight liquidity stance, with stop rates clustering between 19.34% and 19.41%.
The CBN fully allotted the longer-dated paper, indicating a clear preference to absorb liquidity for an extended period, with the instrument maturing in August 2026.
Details of the OMO auctions shows that the 161-day OMO and 210-day OMO will mature 16 June, 2026 and 4 August, 2026 respectively, with an offer amount of N300 billion per tenor.
The 161-day OMO was subscribed for N277.0 billion while the 210-day was N2.451 trillion, bringing total subscriptions to N2.727 trillion.
Successful bids for the 161-day and 210-day was N259.0 billion and N245.08 billion (fully allotted) respectively.
The 161-day tenor had a stop rate of 19.34% while the 210-day tenor was 19.40%, which is broadly in line with outcomes from the late-December 2025 OMO auctions, where stop rates ranged between 19.35% and 19.41%.
The marginal rate, also known as the stop rate, represents the highest accepted yield at which the total amount offered is fully allotted, setting the clearing yield for the auction.
This differs from successful bid rates, which reflect the individual yields submitted by winning bidders and may vary depending on the auction format.
The persistence of near-20% OMO yields highlights the CBN’s continued focus on inflation containment and exchange-rate stability, even as economic growth concerns linger.
