The Central Bank of Nigeria mopped up N2.603 trillion at its Thursday Open Market Operations auction after total investor demand surged past N4.93 trillion, significantly exceeding the N600 billion on offer.
Official auction results published by the Central Bank of Nigeria revealed an overall subscription rate exceeding 820%, driven by massive liquidity across the domestic banking system.
Investors displayed a strong preference for longer-dated paper, placing N3.657 trillion in bids for the 138-day bill, which cleared at a stop rate of 20.01%.
Demand for the 103-day tenor reached N1.268 trillion against a N300 billion offer. The central bank allotted N449.74 billion for the shorter bill at a 20.39% stop rate.
The aggressive allotment expands the apex bank’s liquidity mop-up following its recent policy overhaul, which reopened OMO bill participation to retail, corporate, and non-bank institutional investors for the first time in seven years.
The policy shift also dismantled discount window restrictions on primary market operations, empowering monetary authorities to absorb excess systemic liquidity ahead of anticipated election-related fiscal spending.
