The Central Bank of Nigeria absorbed roughly N3.46 trillion through its Open Market Operations auction on November 3 and the Nigerian Treasury Bills auction on November 4, 2026, while leaving Treasury bill stop rates unchanged.
According to results published by the apex bank, investors submitted about N5.57 trillion in bids against combined offers of N2.30 trillion, representing subscriptions of approximately 2.42 times the amount offered.
The OMO segment dominated the outcome. The CBN allotted approximately N2.95 trillion at the November 3 sale, accounting for about 85.3% of the combined total raised. The auction drew N3.52 trillion in subscriptions against a N1.50 trillion offer across the 119-day, 126-day and 133-day tenors, a bid-to-cover ratio of roughly 2.35 times. Demand was heaviest in the 133-day instrument, which attracted N2.36 trillion, close to 67% of total OMO subscriptions. OMO stop rates closed at 17.77%, 17.71% and 17.67% for the three tenors respectively.
At the November 4 Treasury bill auction, subscriptions reached N2.045 trillion against an N800 billion offer, equivalent to 2.56 times the amount offered. The CBN allotted N509.41 billion, about 63.7% of the offer, leaving around N1.54 trillion of investor bids unfilled. The 364-day bill accounted for most of the demand, attracting N1.994 trillion in bids and receiving N461.84 billion in allotments. The 91-day paper drew N25.01 billion in subscriptions and got N22.40 billion, while the 182-day instrument attracted N25.83 billion and received N25.17 billion.
Treasury bill stop rates held at their previous levels: 15.40% for the 91-day, 15.79% for the 182-day and 15.80% for the 364-day. Bids for the 364-day instrument went as high as 18.18%. On the secondary market, average Treasury bill yields climbed roughly 43 basis points to 17.70% on November 3, from 17.28% on October 28. The three-month benchmark yield rose 130 basis points to 17.40%, while the six-month benchmark advanced 122 basis points to 17.85%.
The 126-day OMO stop rate of 17.71% sat 192 basis points above the 182-day Treasury bill stop rate of 15.79%, while the 91-day Treasury bill rate was 200 basis points below the three-month secondary-market yield of 17.40%.
The stronger OMO allotment followed elevated banking-system liquidity, with balances above N7.72 trillion in the Standing Deposit Facility on November 3. Around N2.016 trillion in OMO maturities were settled and partly offset by the N2.95 trillion OMO allotment. In September, the CBN sold N17.51 trillion in OMO securities against N10.89 trillion in maturities, a net withdrawal of about N6.62 trillion. The Financial Markets Dealers Association reported that banking-system liquidity rose 56.75% to N7.373 trillion in October and projects roughly N13.79 trillion in inflows for November.
