CBN's OMO Subscriptions Hit N20.6 Trillion in September

In September 2026, investors’ subscriptions for the Central Bank of Nigeria's (CBN) Open Market Operations (OMO) bills surged to N20.6 trillion, up from N18.72 trillion in August, reflecting a growth of about 10%. This increase follows the CBN's decision to expand market operations to individuals, companies, and non-bank financial institutions.

The CBN's adjustment of the Monetary Policy Rate (MPR) was clarified as a reset rather than an easing of monetary policy. The CBN uses OMO auctions to manage liquidity, issuing bills to absorb excess funds.

In September, the CBN offered N3.9 trillion at OMO auctions, with successful bids totaling N12.82 trillion. A circular from the Acting Director of the CBN’s Financial Markets Department, Mr. Okey Umeano, indicated that eligible investors could now participate in both primary and secondary OMO markets through deposit money banks.

The Managing Director of Highcap Securities Limited, Mr. David Adonri, noted that the growth in OMO activity reflects the CBN's efforts to absorb excess liquidity.