Banking system liquidity remained substantial in the week ended November 6, 2026. Standing Deposit Facility balances rose to ₦8.311 trillion, even as the Central Bank of Nigeria raised ₦724.32 billion at its Open Market Operations auction on Friday, November 6.
Nairametrics reported that this is according to the apex bank’s financial data as of Friday, November 6.
The CBN allotted ₦724.32 billion at the OMO auction on Friday, accepting 38.37 per cent of ₦1.887 trillion in bids.
Banks nonetheless placed ₦8.311 trillion at the SDF. That was up ₦347.44 billion (4.36 per cent) from ₦7.964 trillion on Thursday, November 5, and up ₦1.345 trillion (19.30 per cent) from ₦6.966 trillion on Wednesday, November 4.
The single OMO auction had a limited effect on overall banking system liquidity. This sets the stage for fresh OMO auctions next week, beginning Monday, November 9.
SDF balances rose steadily through the week. They were also higher than the ₦7.72 trillion of elevated liquidity that Nairametrics reported on November 3, an increase of about ₦591 billion in just three days.
The SDF balance stood at ₦6.966 trillion on November 4 and ₦7.964 trillion on November 5. It reached ₦8.311 trillion on November 6.
Banks’ opening balances weakened considerably over the same period. This is a sign that cash is being moved to the SDF rather than held in operating accounts.
Opening balances stood at ₦612.06 billion on November 4. They fell to ₦258.83 billion on November 5, a drop of ₦353.23 billion or 57.71 per cent.
On November 6, opening balances dropped further to ₦194.10 billion, down ₦64.73 billion or 25.01 per cent.
Opening balances therefore fell by ₦417.96 billion (68.29 per cent) between November 4 and November 6.
The CBN’s data also show that primary-market repayments of ₦572.55 billion on November 5 exceeded the ₦509.40 billion raised in the new Treasury Bills auction on Wednesday, November 4. This amounts to a net injection of ₦63.15 billion.
At the OMO auction, the CBN offered ₦1 trillion, split equally between the 179-day and 270-day bills.
Subscriptions of ₦1.887 trillion represented 188.72 per cent of the offer, a bid-to-cover ratio of 1.89x.
The CBN allotted ₦724.32 billion, which is 72.43 per cent of the offer, and left ₦1.163 trillion unallocated.
No new OMO repayments were recorded, so the auction was a fresh mop-up rather than a refinancing of maturing bills.
For the 179-day bill, which matures on May 4, 2027, the CBN received ₦741.62 billion in bids. It allotted ₦405.62 billion (54.70 per cent) at a stop rate of 17.25 per cent and a true yield of 18.8441 per cent.
For the 270-day bill, which matures on August 3, 2027, bids totalled ₦1.146 trillion. The CBN allotted ₦318.70 billion (27.82 per cent) at a stop rate of 16.54 per cent and a true yield of 18.8458 per cent.
The 270-day bill drew stronger demand but had the larger unallocated balance of ₦826.90 billion. This suggests the CBN was more selective on the longer tenor.
The CBN data show that the true yields of the two bills were virtually identical at about 18.84 per cent. The 179-day bill, however, cleared at a stop rate 71 basis points higher.
The November 6 allotment was much smaller than the CBN’s earlier operations this month. Nairametrics reported that the CBN allotted about ₦2.95 trillion at its November 3 OMO auction. That was about 85.3 per cent of the ₦3.46 trillion raised across the OMO and November 4 Treasury Bills auctions.
The ₦724.32 billion raised on November 6 is roughly a quarter of the November 3 allotment.
The outlook points to further liquidity. The Financial Markets Dealers Association (FMDA) projects about ₦13.79 trillion in inflows in November, driven largely by OMO maturities, FAAC allocations and Treasury Bills repayments.
According to the same report, banking-system liquidity rose 56.75 per cent to ₦7.373 trillion in October from ₦4.703 trillion in September.
Another Monetary Policy Committee meeting is scheduled for this November.
Investors will be watching whether the CBN keeps allotting well below subscription levels or steps up its mop-up to match the expected inflows.
