The Central Bank of Nigeria intensified its liquidity tightening drive on May 21, 2026, conducting one of its largest single-session Open Market Operations auctions and absorbing N3.692 trillion through two debt instruments.

In the OMO auction results released by the apex bank the investor appetite far exceeded supply, with subscriptions reaching N3.692 trillion against a combined offer of N600 billion for 33-day and 138-day bills, according to Nairameteics analysis.

The results highlight strong demand for the securities, as bids totaled more than six times the amount offered by the CBN.

The outcome represents a significant shift from the CBN’s May 12, 2026, OMO auction, when the apex bank adopted a more cautious stance by accepting only N116 billion out of N872 billion in total subscriptions across 35-day and 70-day bills.

The May 21 auction underscores the abundance of liquidity in the financial system, with investors aggressively seeking the CBN’s high-yield securities.

For the 33-day bill, subscriptions surged to N1.525 trillion against an offer of N300 billion, translating to an oversubscription rate of more than five times.

The CBN accepted the full amount of bids received, with the instrument clearing at a marginal rate of 21.57 per cent.

The 138-day bill attracted even stronger investor interest, with subscriptions reaching N2.168 trillion against an offer of N300 billion, representing an oversubscription rate of 7.2 times. The CBN accepted all bids received, with the instrument clearing at a marginal rate of 19.97 per cent.

Notably, the shorter-tenor 33-day bill carried a higher yield of 21.57 per cent compared with 19.97 per cent for the 138-day instrument, reflecting investors’ appetite for short-term placements amid prevailing market conditions.

The CBN’s decision to accept the full N3.692 trillion in subscriptions, rather than rationing allotments as it did at the May 12 auction, suggests a deliberate effort to absorb excess liquidity from the financial system.

The move aligns with the apex bank’s broader monetary tightening strategy aimed at curbing inflationary pressures and managing money supply growth.

With total net sales of N3.692 trillion in a single session, the auction ranks among the most significant liquidity-mopping operations undertaken by the CBN in 2026.