The Central Bank of Nigeria repaid N2.97 trillion in maturing Open Market Operations bills on Tuesday, a day after it conducted a N600 billion OMO auction that saw total allotments of N2.54 trillion across three tenors.

The apex bank’s financial data for Tuesday, July 14, also showed it redeemed N17.05 billion from the primary market, bringing its total repayments between Monday and Tuesday to N2.987 trillion.

The CBN”s repayment of N2.987 trillion, alongside the issuance of N2.54 trillion in fresh OMO bills on July 13, 2026, resulted in a net liquidity injection of about N447 billion into the banking system.

The data show that at the July 13 OMO auction, the CBN offered N200 billion across each of three tenors — 8-day, 99-day and 127-day bills — for a combined offer size of N600 billion.

Total subscriptions reached approximately N2.55 trillion, more than four times the N600 billion offered by the CBN, reflecting strong investor demand for the securities.

The 8-day OMO bill attracted subscriptions of N229.58 billion, with N228.90 billion allotted at a stop rate of 21.89 per cent.

The 99-day tenor received N462.18 billion in bids, all of which were allotted at a stop rate of 20.49 per cent.

The strongest demand was recorded for the 127-day OMO bill, which attracted N1.854 trillion in subscriptions.

The CBN allotted the entire amount at a stop rate of 20.17 per cent, with the tenor accounting for about 73 per cent of total investor demand.

The full allotment across all three tenors at the July 13 auction marks a sharp contrast with the Central Bank of Nigeria’s late-June OMO auction, when it allotted N990 billion out of N1.184 trillion in subscriptions for the 161-day tenor.

The outcome of the July 13 auction also highlights a noticeable shift in investor preference from the CBN’s June 30 OMO auctions, with demand spreading across multiple maturities instead of being concentrated in a single tenor.

The July 13 auction reinforced this trend, with the short-term 8-day OMO bill attracting relatively modest subscriptions of N229.58 billion, significantly lower than demand for the longer-dated tenors.

OMO bills are short-term instruments issued by the CBN to regulate liquidity in the banking system and influence short-term interest rates.

As part of its aggressive liquidity sterilisation drive, the apex bank absorbed about N4.74 trillion through OMO auctions in the closing weeks of June 2026.