Nigerian Banks Boost CBN Deposits to N6.28tn Amid Surplus

As of September 29, 2026, Nigerian banks have raised their deposits with the Central Bank of Nigeria (CBN) to N6.28tn, indicating a significant liquidity surplus in the banking system. Data from the CBN revealed that placements at the Standing Deposit Facility increased from N6.014tn the previous day, marking a rise of approximately N264bn in just one day and about N379bn compared to N5.899tn recorded on September 25.

This increase in idle funds coincided with a major Open Market Operations (OMO) auction where the CBN offered N2.5tn in new securities. The auction occurred as N2.433tn in existing OMO instruments matured on the same day.

The new offer was slightly higher than the amount maturing, with a difference of about N66.8bn. The auction included N500bn in 147-day bills, N1tn in 182-day bills, and N1tn in 266-day bills, maturing between February and June 2027.

Financial analyst Nonso Iheoma noted that the rising SDF balance indicates sufficient funds available for placement with the CBN, despite strong investor demand for OMO instruments.