The Central Bank of Nigeria (CBN) has withdrawn N947.0 billion from the financial system through its Open Market Operations (OMO) bills auction, in a fresh move to rein in excess liquidity.
The apex bank offered OMO bills worth N600 billion for subscription on Monday, targeting liquidity management in the banking system. The issuance comprised 22-day and 134-day maturities.
Market response was robust, with total subscriptions reaching N1.1 trillion, underscoring continued strong investor appetite for CBN risk-free instruments. The auction comes just a week after the regulator mopped up N4.8 trillion from the financial system.
Following the auction, the CBN allotted N947.0 billion to investors. Stop rates settled at 21.71% for the 22-day tenor and 20.06% for the 134-day tenor.
Despite aggressive liquidity management efforts, system liquidity rose to ₦4.03 trillion from ₦3.48 trillion, according to an update by Futureview Financial Limited.
The report noted that liquidity had also increased the previous week to about ₦4.1 trillion from ₦4.0 trillion, driven by a higher opening balance for discount houses and significant banks’ net placements at the Standing Deposit Facility, alongside liquidity absorption from net OMO bill sales.
In the broader fixed income market, trading in Federal Government of Nigeria bonds remained bearish. Investors reduced holdings across the curve as pricing adjustments followed the Debt Management Office’s monthly auction.
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