The CBN sells ₦724.32 billion of OMO bills as it lengthens tenors to 270 days at a 16.54% stop rate
The sale is 75.41% smaller than on 3 November, and the CBN turned away most of the demand for its longest bill.
Key findings
- The CBN sold ₦724.32 billion of OMO bills on 6 November, 75.41% less than the ₦2.95 trillion sold on 3 November.
- Bids reached ₦1.89 trillion against a ₦1 trillion offer; the CBN accepted 38.38% of the money bid.
- The 179-day bill cleared at 17.25% and the 270-day bill at 16.54%, 0.71 percentage points lower.
- Bids for the 270-day bill were 2.29 times the amount offered, but the CBN sold only ₦318.70 billion of it.
The Central Bank of Nigeria sold ₦724.32 billion of open market operation (OMO) bills on 6 November, against bids of ₦1.89 trillion and an offer of ₦1 trillion. The sale was 75.41% smaller than the ₦2.95 trillion the CBN sold on 3 November.
The CBN also moved further out the curve. It offered ₦500 billion each of 179-day and 270-day bills, after selling 119-day to 133-day paper on 3 November. The 179-day bill cleared at 17.25%, 0.11 percentage points above the 180-day stop rate of 17.14% on 22 October. The 270-day bill cleared at 16.54%, 0.31 percentage points above the 16.23% paid on 266-day bills on 29 September, the last time the CBN sold paper of that length.
Investors wanted the longer bill. Bids for the 270-day paper reached ₦1,145.60 billion, 2.29 times the amount offered, yet the CBN sold only ₦318.70 billion of it and kept the stop rate 0.71 percentage points below the 179-day rate. In all, it accepted 38.38% of the money bid and sold 72.43% of what it offered.
- OMO bills sold
- ₦724.32bn
- Bids received
- ₦1.89tn
- 179-day stop rate
- 17.25%
- 270-day stop rate
- 16.54%
| Tenor | Offered | Bids | Sold | Stop rate (%) |
|---|---|---|---|---|
| 179 days | 500 | 741.62 | 405.62 | 17.25 |
| 270 days | 500 | 1,145.60 | 318.70 | 16.54 |
Why it matters
OMO sales are the CBN's main tool for draining naira liquidity from banks. A smaller sale after the very large one on 3 November suggests the bank has already absorbed much of the excess cash it was targeting. Selling longer bills locks that liquidity away for longer, and refusing most of the strong demand for 270-day paper shows the CBN is unwilling to pay more to borrow for longer. Rates on the longer bill sit below those on shorter paper, which is consistent with investors expecting lower rates after the MPC's cut to 23%.
What to watch
- Whether the CBN keeps offering 179-day and 270-day bills at its next OMO auctions.
- Whether the 270-day stop rate holds below the 179-day rate if demand stays strong.
- The next Treasury bill auction, where the 364-day bill last cleared at 15.80%.
Methodology
Figures are the CBN's published OMO auction results for 6 November 2026 and 3 November 2026, with earlier comparisons from 22 October and 29 September 2026, as held in Dataminal's government securities dataset. Amounts sold are the allotments summed across tenors; the percentage fall compares the two auction totals; shares and the bid-to-offer ratio divide the totals shown. Stop rates are the marginal rates the CBN reports.