The Central Bank of Nigeria (CBN) allotted roughly N3.46 trillion across its Open Market Operations (OMO) public sale on November 3 and Nigerian Treasury Bills (NTB) public sale on November 4, 2026, whereas retaining Treasury Bills stop rates unchanged.
According to public sale outcomes printed by the apex financial institution, traders submitted roughly N5.57 trillion in bids in opposition to mixed gives of N2.30 trillion, representing subscriptions of about 2.42 occasions the quantity supplied.
The outcomes confirmed stronger allotments on the OMO public sale, whereas the Treasury Bills sale continued to file substantial unfilled bids regardless of elevated investor subscriptions.
OMO auctions dominate N3.46 trillion allotments:
The CBN allotted roughly N2.95 trillion at its November 3 OMO public sale, accounting for about 85.3% of the mixed N3.46 trillion raised across each auctions.
- The OMO sale attracted N3.52 trillion in subscriptions in opposition to a N1.50 trillion supply across the 119-day, 126-day and 133-day tenors, representing a bid-to-cover ratio of roughly 2.35 occasions.
- The 133-day OMO invoice attracted N2.36 trillion in subscriptions, accounting for about 67% of complete OMO demand.
- OMO stop rates stood at 17.77%, 17.71% and 17.67% for the 119-day, 126-day and 133-day tenors, respectively.
- At the November 4 Treasury Bills public sale, subscriptions reached N2.045 trillion in opposition to an N800 billion supply, equal to 2.56 occasions the quantity supplied.
The CBN allotted N509.41 billion in Treasury Bills, roughly 63.7% of the supply, leaving about N1.54 trillion in investor bids unallotted.
- Demand on the Treasury Bills public sale was concentrated within the 364-day instrument, which attracted N1.994 trillion in bids and obtained N461.84 billion in allotments.
- The 91-day invoice attracted N25.01 billion in subscriptions and obtained N22.40 billion, whereas the 182-day instrument attracted N25.83 billion and obtained N25.17 billion.
The newest Treasury Bills allotment was considerably increased than the N71.16 billion recorded on the October 28 public sale, when most investor bids have been rejected.
OMO Rates exceed Treasury Bills Yields:
Treasury Bills stop rates remained unchanged on the November 4 public sale regardless of subscriptions exceeding the marketed supply by greater than two occasions.
- The 91-day invoice cleared at 15.40%, the 182-day invoice at 15.79% and the 364-day invoice at 15.80%, matching the rates recorded on the earlier public sale.
- The 364-day Treasury Bill attracted bids as excessive as 18.18%, above the accepted stop fee of 15.80%.
- Average secondary-market Treasury Bills yields elevated by roughly 43 foundation factors to 17.70% on November 3 from 17.28% on October 28.
- The three-month benchmark yield elevated by 130 foundation factors to 17.40%, whereas the six-month benchmark rose by 122 foundation factors to 17.85%.
- The 126-day OMO stop fee of 17.71% exceeded the 182-day Treasury Bill stop fee of 15.79% by 192 foundation factors.
- The 91-day Treasury Bill stop fee was additionally 200 foundation factors under the three-month secondary-market benchmark yield of 17.40%.
These variations spotlight the pricing hole between primary-market Treasury Bills, secondary-market securities and OMO devices.
At the October 29 OMO public sale, the CBN had allotted solely N244.93 billion regardless of subscriptions of N2.28 trillion.
The November auctions due to this fact marked a considerable enhance in OMO allotments, suggesting CBN could have resumed aggressive mop up. However, Treasury Bills allotments remained under the marketed supply.
CBN resumes aggressive liquidity absorption:
The bigger OMO allotment adopted a interval of elevated banking-system liquidity, with CBN financial data showing balances above N7.72 trillion in Standing Deposit Facility (SDF) on November 3.
Meanwhile, the Debt Management Office has raised roughly N1.82 trillion in opposition to N2.95 trillion supplied across 4 Treasury Bills auctions held up to now within the fourth quarter of 2026.
With one other Monetary Policy Committee assembly scheduled for November, traders will probably be watching the CBN’s coverage stance and subsequent public sale selections.
Further path for short-term yields will rely upon banking-system liquidity, extra OMO issuance and the rates accepted at upcoming Treasury Bills auctions.
