The Central Bank of Nigeria (CBN) significantly increased its Open Market Operations (OMO) sales, reaching N18.79 trillion in the first quarter of 2026. This marks a substantial 426% surge compared to the N3.57 trillion recorded in the same period of 2025.
These figures, sourced from the CBN's latest financial data covering 2025 and 2026, indicate a more aggressive intervention in the money market. Despite the high sales volume, higher OMO repayments moderated the overall liquidity impact, leading to a decline in net OMO sales to N1.81 trillion from N2.01 trillion a year earlier.
This development signals a shift in the CBN’s liquidity management strategy. It reflects a more active approach to managing money market conditions while allowing larger maturities to return to the system. The monetary authorities are balancing inflation control, exchange rate stability, and capital flow pressures in a volatile global environment.
What the Data Reveals
The CBN data highlights a sharp increase in OMO activity driven by evolving liquidity and inflation dynamics. The figures point to a significantly more active monetary stance in Q1 2026 compared to Q1 2025.
- Total OMO sales rose by approximately 426% year-on-year, from N3.57 trillion in Q1 2025 to N18.79 trillion in Q1 2026.
- OMO repayments saw an even sharper increase of roughly 990%, climbing from N1.56 trillion to N16.98 trillion.
- Net OMO sales decreased by about 10.1%, falling from N2.01 trillion to N1.81 trillion, indicating a less aggressive net withdrawal of liquidity.
- Monthly trends exhibited volatility. January 2026 recorded N8.54 trillion in sales and N5.63 trillion in repayments.
- February saw higher repayments than sales, and March concluded with a net withdrawal of approximately N1.97 trillion.
These figures underscore a dynamic liquidity management approach, where issuance and repayments are actively calibrated to stabilize the financial system.
A contrast between CBN issuance data and FMDQ Securities Exchange figures reveals deeper market dynamics, suggesting a complex interplay of monetary policy tools and market responses.
