₦2.73trn Subscribed in CBN’s First 2026 OMO

The Central Bank of Nigeria (CBN) kicked off its 2026 monetary operations with strong investor participation at its first Open Market Operations (OMO) auctions, attracting total subscriptions of about ₦2.73 trillion across two medium-term maturities.

The outcome underscored the central bank’s continued tight liquidity stance, with marginal stop rates holding firm within the 19.34–19.40 per cent range, signalling limited prospects for near-term monetary easing.

At the auction conducted on January 6, demand was heavily concentrated on the longer tenor. The 210-day OMO bill drew subscriptions of approximately ₦2.45 trillion, dwarfing interest in the 161-day instrument, which recorded about ₦277 billion in bids.

The CBN fully allotted the longer-dated paper, which matures in August 2026, reflecting its preference for absorbing excess liquidity over extended periods rather than through shorter instruments.

Stop rates settled at 19.34 per cent for the 161-day bill and 19.40 per cent for the 210-day bill, broadly consistent with levels seen toward the end of 2025. The persistence of elevated yields highlights the apex bank’s focus on inflation control and exchange-rate stability, despite ongoing concerns about economic growth.