The Central Bank of Nigeria (CBN) raised N1.92 trillion at its Open Market Operations (OMO) auction on Tuesday, April 21, 2026, with stop rates climbing as high as 21.90%, signaling sustained monetary tightening and strong investor appetite for high-yield instruments.
- +CBN raises N1.92 trillion at April 21 OMO auction at 21.9% stop rates
This is according to auction results published by the apex bank on Wednesday.
This is according to auction results published by the apex bank on Wednesday.
The development highlights the CBN’s continued efforts to manage liquidity levels in the financial system while responding to elevated inflationary pressures and strong demand for government securities.
The OMO auction results indicate aggressive liquidity tightening by the apex bank, supported by strong investor demand and elevated yields across tenors. Total subscriptions across the three tenors reached N2.22 trillion, significantly exceeding the N600 billion initially offered.
The data underscores strong investor appetite for short-term securities amid expectations of continued tight liquidity conditions and elevated interest rates.
The scale of the allotment—more than triple the initial offer—suggests a deliberate move by the CBN to absorb excess liquidity from the financial system. This comes as the apex bank simultaneously repaid N2.16 trillion in Primary Market maturities on the same day.
This aggressive liquidity mop-up signals the CBN’s intent to maintain tight monetary conditions, potentially impacting borrowing costs and overall market liquidity.
The stop rate of 21.90% on the 7-day bill represents the highest among the offered tenors, but it does not mean the CBN will pay that rate on the full N684 billion allotted. Interest payments are calculated using a prorated method based on a 364-day year.
While high issuance supports liquidity management, it also raises borrowing costs with potential implications for debt accumulation and broader economic activity.
