The Central Bank of Nigeria (CBN) conducted three rounds of Open Market Operations (OMO) auctions between May 4 and May 12, 2026, attracting a total of N5.63 trillion in successful subscriptions across eight instruments. Investor appetite for high-yield OMO paper remained robust, with the apex bank offering a combined N1.8 trillion but allotting significantly more.
During this two-week exercise, the CBN repaid N4.78 trillion in two tranches, resulting in a net issuance of N850 billion. The auctions, held in the first, second, and third weeks of May, saw substantial oversubscription in every instance.
The first auction on May 4 offered N600 billion across two tenors. The 8-day bill attracted N1.065 trillion in subscriptions, with a full allotment at a stop rate of 21.90%. The 134-day bill drew N640.1 billion in bids, and N630.1 billion was allotted at 19.97%, with bids ranging from 19.86% to 20.49%. The combined total for this session was N1.7 trillion.
On May 7, the second auction offered another N600 billion across three tenors. The 33-day bill attracted N674.4 billion in bids, with N664.4 billion allotted at 21.57%. The 75-day bill recorded N38 billion in subscriptions and was fully allotted at 20.63%. The 96-day bill drew N923.17 billion in total bids, with N893.17 billion allotted at 20.45%. This session's total was N1.60 trillion.
The third auction on May 12 also offered N600 billion across three tenors. The 35-day bill recorded N761 billion in subscriptions but saw only N25 billion allotted at 21.54%, indicating CBN restraint. The 70-day bill drew N111 billion, with N91 billion allotted at 20.70%. The 126-day bill was the standout, attracting N111 billion in subscriptions against a N200 billion offer, but recorded a remarkable N1.454 trillion in successful allotment at 20.10%. This strong demand for longer-dated paper confirms a sustained investor preference, consistent with patterns observed in previous auctions.
The grand total OMO sales across the two-week period stood at N5.63 trillion, reflecting significant liquidity in the market and a strong investor demand for government securities at current yield levels.
