The Central Bank of Nigeria (CBN) has scheduled an Open Market Operations (OMO) auction for September 29, 2026, offering N2.5 trillion on the same day that N2.433 trillion in OMO paper matures, leaving a difference of N66.765 billion between the fresh offer and the repayment entering the banking system.
According to the CBN auction notice, the offer is split across three tenors: N500 billion in 147-day paper maturing February 23, 2027; N1 trillion in 182-day paper maturing March 30, 2027; and N1 trillion in 266-day paper maturing June 22, 2027. Bidding was expected to close at 10:30 a.m.
The near one-for-one match arrives while banks already hold more than N6.2 trillion at the Standing Deposit Facility (SDF), positioning the auction as another substantial liquidity sterilisation exercise by the apex bank. The N2.5 trillion offer amounts to about 102.7% of the N2.433 trillion repayment due on September 29.
Longer maturities dominate the structure. The 182-day and 266-day instruments account for N2 trillion, or 80% of the total offer, while the 147-day paper makes up the remaining 20%.
CBN financial-market data show banks placed about N6.278 trillion at the SDF as of September 29, up from N6.014 trillion the previous day and N5.899 trillion on September 25. That represents an increase of roughly N379 billion, or 6.4%, over four days.
Banks' opening balances stood at N131.817 billion on September 29, down 52.5% from N277.741 billion on September 28 but above the N81.653 billion recorded on September 25. No repo, reverse repo, Standing Lending Facility usage or primary-market sales were recorded across the dates reviewed, leaving SDF placements and the scheduled OMO repayment as the dominant liquidity events heading into the auction.
The September 29 offer closes a month of strong investor demand for OMO instruments. Across the four auctions held on September 1, 8, 16 and 24, the CBN offered a cumulative N3.9 trillion and allotted approximately N12.823 trillion. Investors submitted N20.58 trillion in total bids across those auctions, more than five times the cumulative amount initially offered. September subscriptions reached about N20.6 trillion, up from N18.72 trillion in August, with the CBN linking the increase partly to its decision to widen OMO access to individuals, companies and non-bank financial institutions through deposit money banks.
