Banking system liquidity stayed substantial within the week ended November 6, 2026, with Standing Deposit Facility (SDF) balances rising to N8.311 trillion even because the Central Bank of Nigeria (CBN) raised N724.32 billion at its OMO public sale on Friday, November 6.
This is according to the financial data of the apex bank as of Friday, November 6, which was analysed by Nairametrics.
The CBN allotted N724.32 billion at the Open Market Operations (OMO) public sale on Friday, accepting 38.37% of N1.887 trillion in bids.
Banks nonetheless placed N8.311 trillion at the SDF, up N347.44 billion (4.36%) from N7.964 trillion on Thursday, November 5 and N1.345 trillion (19.30%) from N6.966 trillion on Wednesday, November 4.
The single OMO public sale had a restricted impact on total banking system liquidity, establishing an environment for recent OMO auctions by subsequent week starting Monday, November 9.
SDF placements maintain climbing:
SDF balances have risen steadily by means of the week. They have been additionally greater than the N7.72 trillion elevated liquidity that Nairametrics reported on November 3. That implies a rise of about N591 billion simply inside three days as follows:
- November 4: N6.966 trillion
- November 5: N7.964 trillion
- November 6: N8.311 trillion
Opening balances fall sharply:
Banks’ opening balances weakened significantly over the identical interval, an indication that money is being moved to the SDF quite than held in working accounts:
- November 4: N612.06 billion
- November 5: N258.83 billion (down N353.23 billion, or 57.71%)
- November 6: N194.10 billion (down an extra N64.73 billion, or 25.01%)
Opening balances fell by N417.96 billion (68.29%) between November 4 and November 6. The CBN’s knowledge additionally present that the N572.55 billion in primary-market repayments on November 5 exceeded the N509.40 billion in new Treasury Bills public sale on Wednesday, November 4, a internet injection of N63.15 billion.
OMO public sale: robust demand, selective allotment:
The CBN provided N1 trillion, cut up equally between the 179-day and 270-day payments.
Subscriptions of N1.887 trillion represented 188.72% of the provide (1.89x bid-to-cover).
It allotted N724.32 billion (72.43% of the provide) and left N1.163 trillion unallocated.
No new OMO repayments have been recorded, so the public sale was a recent mop-up quite than a refinancing of maturing payments.
- 179-day invoice (matures May 4, 2027): N741.62 billion in bids, N405.62 billion allotted (54.70%), cease fee 17.25%, true yield 18.8441%
- 270-day invoice (matures August 3, 2027): N1.146 trillion in bids, N318.70 billion allotted (27.82%), cease fee 16.54%, true yield 18.8458%
- The 270-day invoice drew stronger demand however had the bigger unallocated stability, N826.90 billion, suggesting the CBN was extra selective on the longer tenor.
The CBN knowledge present that the 2 Bills’ true yields have been just about similar at about 18.84%, although the 179-day invoice cleared at a cease fee 71 foundation factors greater.
The November 6 allotment was a lot smaller than the CBN’s earlier operations this month. Nairametrics reported that the CBN allotted about N2.95 trillion at its November 3 OMO public sale, about 85.3% of the N3.46 trillion raised throughout the OMO and November 4 Treasury Bills auctions.
The N724.32 billion raised on November 6 is roughly 1 / 4 of the November 3 allotment.
More liquidity forward:
The outlook factors to additional liquidity. The Financial Markets Dealers Association (FMDA) initiatives about N13.79 trillion in inflows in November, pushed largely by OMO maturities, FAAC allocations and Treasury Bills repayments.
- Banking-system liquidity rose 56.75% to N7.373 trillion in October from N4.703 trillion in September, in keeping with the identical report.
- Another Monetary Policy Committee assembly is scheduled for this November.
Investors shall be watching whether or not the CBN retains allotting nicely beneath subscription ranges or steps up its mop-up to match the anticipated inflows.
