Nigeria’s money market is poised for a substantial liquidity boost this week as approximately N2.09 trillion in Open Market Operations (OMO) maturities and N464.60 billion in maturing Nigerian Treasury Bills (NTBs) are set to return to the banking system. This influx presents fresh refinancing and liquidity management challenges for the Central Bank of Nigeria (CBN).
The liquidity injection comes as the apex bank prepares to refinance a total of N891.51 billion in Treasury bills maturing across four settlement dates in June 2026, according to the CBN’s second-quarter NTB issuance programme. Market analysts anticipate that the combined effect of large OMO maturities and Treasury bill repayments will keep banking system liquidity elevated in the near term, despite recent CBN efforts to absorb excess funds through auctions.
The development follows an active week in the fixed-income market. The CBN raised N1.457 trillion at its June 3 Treasury bills auction and allotted N3.04 trillion at an OMO auction, as authorities sought to manage excess liquidity and maintain attractive yields for investors.
The June refinancing calendar indicates that the heaviest Treasury bill maturity falls on June 4, with N464.60 billion worth of securities maturing across all three tenors. A breakdown of June NTB maturities shows:
June 4, 2026:
- 91-day bills: N64.27 billion
- 182-day bills: N30.36 billion
- 364-day bills: N369.97 billion
- Total maturities for June 4: N464.60 billion
June 11, 2026:
- 91-day bills: N130.74 billion
- 182-day bills: N13.64 billion
- Total maturities for June 11: N144.38 billion
June 18, 2026:
- 91-day bills: N101.29 billion
- 364-day bills: N83.50 billion
- Total maturities for June 18: N184.79 billion
June 25, 2026:
- 91-day bills: N97.75 billion
- Total: N97.75 billion
Total June maturities: N891.51 billion
The 364-day tenor accounts for the largest share of maturities at N453.47 billion, representing approximately 50.8% of the total amount due this month. The 91-day tenor follows with N394.05 billion, while the 182-day segment contributes N43.99 billion.
In addition to the Treasury bill repayments, an overview of markets for the week ended June 5, 2026, indicates that approximately N2.09 trillion in OMO bills will mature this week. This is expected to significantly strengthen system liquidity, provided it is not offset by fresh liquidity mop-up operations from the apex bank.
The expected inflows arrive after a week in which liquidity conditions remained robust despite sizeable primary market auction outflows. According to market data, average system liquidity closed last week at a net long position of about N4.66 trillion, slightly higher than the N4.61 trillion recorded in the preceding week.
