CBN overshoots N1.5trn OMO supply, allots N3.85tn on robust demand

The Central Bank of Nigeria (CBN) has allotted N3.854 trillion at its November 10, 2026, Open Market Operations (OMO) public sale, greater than double its preliminary N1.5 trillion supply, as traders demonstrated robust urge for food for longer-dated securities regardless of accepting decrease yields.

The allotment, which exceeded the marketed supply by N2.354 trillion, adopted subscriptions of N4.069 trillion, representing a bid-to-cover ratio of two.71 instances.

Results printed by the apex financial institution confirmed that it accepted roughly 94.71 per cent of complete bids, rejecting solely N215.13 billion, as demand was significantly robust for the 329-day instrument.

The 329-day invoice attracted N2.82 trillion in subscriptions towards a suggestion of N500 billion, with the CBN allotting N2.79 trillion at a cease fee of 15.99 per cent.

The 252-day instrument, which attracted N791.50 billion in bids, recorded an allotment of N783.50 billion at 16.68 per cent, whereas the 154-day invoice acquired N457.89 billion in subscriptions and recorded an allotment of N280.76 billion at 17.44 per cent.

Economists and fixed-income analysts say the robust demand for longer-tenor devices may mirror expectations of easing rates of interest, alongside traders’ desire for securing comparatively enticing returns over an prolonged interval.

They additionally word that the event could point out rising confidence that yields may average as inflationary pressures ease and financial circumstances change into much less restrictive.

However, analysts warning that the robust subscriptions mustn’t essentially be interpreted as proof of a direct shift in direction of financial easing, as traders might also be responding to liquidity circumstances, portfolio positioning and restricted different funding alternatives.

The public sale additionally highlights the CBN’s continued efforts to soak up extra liquidity from the monetary system.