The Central Bank of Nigeria (CBN) allotted approximately N3.46 trillion across its Open Market Operations (OMO) auction on November 3 and Nigerian Treasury Bills (NTB) auction on November 4, 2026, while keeping Treasury Bills stop rates unchanged.

According to auction results published by the apex bank, investors submitted approximately N5.57 trillion in bids against combined offers of N2.30 trillion, representing subscriptions of about 2.42 times the amount offered.

The results showed stronger allotments at the OMO auction, while the Treasury Bills sale continued to record substantial unfilled bids despite increased investor subscriptions.

OMO auctions dominate N3.46 trillion allotments:

The CBN allotted approximately N2.95 trillion at its November 3 OMO auction, accounting for about 85.3% of the combined N3.46 trillion raised across both auctions.

  • The OMO sale attracted N3.52 trillion in subscriptions against a N1.50 trillion offer across the 119-day, 126-day and 133-day tenors, representing a bid-to-cover ratio of approximately 2.35 times.
  • The 133-day OMO bill attracted N2.36 trillion in subscriptions, accounting for approximately 67% of total 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 auction, subscriptions reached N2.045 trillion against an N800 billion offer, equivalent to 2.56 times the amount offered.

The CBN allotted N509.41 billion in Treasury Bills, approximately 63.7% of the offer, leaving about N1.54 trillion in investor bids unallotted.

  • Demand at the Treasury Bills auction was concentrated in the 364-day instrument, which attracted N1.994 trillion in bids and received N461.84 billion in allotments.
  • The 91-day bill attracted N25.01 billion in subscriptions and received N22.40 billion, while the 182-day instrument attracted N25.83 billion and received N25.17 billion.

The latest Treasury Bills allotment was substantially higher than the N71.16 billion recorded at the October 28 auction, when most investor bids were rejected.

OMO Rates exceed Treasury Bills Yields:

Treasury Bills stop rates remained unchanged at the November 4 auction despite subscriptions exceeding the advertised offer by more than two times.

  • The 91-day bill cleared at 15.40%, the 182-day bill at 15.79% and the 364-day bill at 15.80%, matching the rates recorded at the previous auction.
  • The 364-day Treasury Bill attracted bids as high as 18.18%, above the accepted stop rate of 15.80%.
  • Average secondary-market Treasury Bills yields increased by approximately 43 basis points to 17.70% on November 3 from 17.28% on October 28.
  • The three-month benchmark yield increased by 130 basis points to 17.40%, while the six-month benchmark rose by 122 basis points to 17.85%.
  • The 126-day OMO stop rate of 17.71% exceeded the 182-day Treasury Bill stop rate of 15.79% by 192 basis points.
  • The 91-day Treasury Bill stop rate was also 200 basis points below the three-month secondary-market benchmark yield of 17.40%.

These differences highlight the pricing gap between primary-market Treasury Bills, secondary-market securities and OMO instruments.

At the October 29 OMO auction, the CBN had allotted only N244.93 billion despite subscriptions of N2.28 trillion.

The November auctions therefore marked a substantial increase in OMO allotments, suggesting CBN may have resumed aggressive mop up. However, Treasury Bills allotments remained below the advertised offer.

CBN resumes aggressive liquidity absorption:

The larger OMO allotment followed a period 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 approximately N1.82 trillion against N2.95 trillion offered across four Treasury Bills auctions held so far in the fourth quarter of 2026.

With another Monetary Policy Committee meeting scheduled for November, investors will be watching the CBN’s policy stance and subsequent auction decisions.

Further direction for short-term yields will depend on banking-system liquidity, additional OMO issuance and the rates accepted at upcoming Treasury Bills auctions.