The CBN sells ₦244.94 billion of OMO bills against ₦2.28 trillion of bids, down from ₦2.63 trillion a week earlier
Stop rates at the 29 October open market operation held near last week's levels while the bank sold far less.
Key findings
- The CBN sold ₦244.94 billion of OMO bills on 29 October against an offer of ₦1 trillion.
- Bids came to ₦2.28 trillion, so the bank accepted 10.75% of the money tendered.
- A week earlier, on 22 October, it sold ₦2.63 trillion across two tenors.
- The 124-day bill cleared at 17.69% and the 138-day at 17.63%, the same 138-day rate as on 22 October.
- The 124-day stop rate sits 5.31 percentage points below the 23% policy rate set in September.
The Central Bank of Nigeria sold ₦244.94 billion of open market operation (OMO) bills at its 29 October auction, against ₦500 billion offered in each of two tenors, a combined offer of ₦1 trillion. Investors bid ₦2.28 trillion, so the bank accepted 10.75% of the money tendered and filled 24.49% of its own offer.
Most of the sale came in the 138-day bill, where the CBN took ₦202.71 billion of ₦1,389.80 billion bid at a stop rate of 17.63%. In the 124-day bill it took ₦42.22 billion of ₦888.31 billion bid at 17.69%. Successful bids in both tenors sat in narrow bands at the bottom of the range bid, which points to the bank rejecting higher-rate bids rather than a lack of demand.
The contrast with the previous week is sharp. On 22 October the CBN offered ₦2 trillion across a 138-day and a 180-day bill and sold ₦2.63 trillion, more than it offered, with the 138-day bill clearing at the same 17.63% and the 180-day at 17.14%.
| Auction | Tenor | Offered | Bids | Sold | Stop rate |
|---|---|---|---|---|---|
| 29 October | 124-day | 500 | 888.31 | 42.22 | 17.69 |
| 29 October | 138-day | 500 | 1,389.80 | 202.71 | 17.63 |
| 22 October | 138-day | 1,000 | 875.24 | 855.24 | 17.63 |
| 22 October | 180-day | 1,000 | 1,852.82 | 1,773.28 | 17.14 |
Why it matters
OMO bills are the CBN's main tool for draining naira from the banking system. Selling a small fraction of what was bid, a day after a thin Treasury bill auction, suggests the bank is content to leave more liquidity in the market rather than pay up to absorb it. That is consistent with the Monetary Policy Committee's September decision to cut the policy rate by 3.5 percentage points to 23%.
Stop rates have nonetheless edged up over the past month. At the 29 September auction the 147-day bill cleared at 17.24%; the shorter 124-day bill now clears at 17.69%. Holding rates near current levels while cutting the amount sold is how the bank keeps that drift in check.
The MPR has stood at 23% since the September 2026 MPC meeting.
What to watch
- Whether the next OMO auction again sells well below the bids it receives.
- OMO and Treasury bill stop rates, for a sign the bank will accept higher rates to drain liquidity.
- The naira's official rate, which the extra liquidity could pressure after its late-October swing.
SourceGovernment securities: OMO auction results, 29 October 2026 (opens in a new tab)Central Bank of Nigeria
Methodology
Auction lines are the CBN's published OMO results for 29 October, 22 October and 29 September 2026, held by Dataminal in naira million and shown here in billions. Totals sum the two tenors at each auction; the shares divide the amount sold by total bids and by the amount offered. Stop rates are the marginal clearing rates, not yields. The policy rate is from the MPC decision of 22 September 2026.