The Central Bank of Nigeria injected a combined N3.81tn into the banking system between September 15 and 16, 2026, significantly boosting liquidity in the financial system.

The increased liquidity saw funds held by banks with the apex bank through the Standing Deposit Facility rise by 131 per cent to N4.891tn on September 16 alone.

This was disclosed in CBN financial market data covering the two-day period, highlighting a substantial build-up of liquidity within the banking system.

The N3.81tn liquidity repayment comprised N3.056tn in Open Market Operations repayments made on September 15 and N748.64bn in primary-market repayments on September 16.

Meanwhile, banks opened trading on September 16 with balances of N251.25bn, representing a decline of N113.53bn from the N364.78bn recorded on September 15.

The N3.056tn OMO repayment made on September 15 was subsequently placed by banks at the CBN’s Standing Deposit Facility, its liquidity sterilisation channel, on September 16.

As a result, SDF placements surged to N4.891tn on September 16, representing a 131 per cent increase from N2.118tn recorded a day earlier.

The N3.056tn OMO repayment was about N938bn higher than the N2.118tn placed at the SDF on September 15, indicating a net liquidity injection into the banking system.

However, the N748.64bn primary-market repayment on September 16 was significantly lower than the N4.891tn parked at the SDF, leaving a gap of about N4.14tn.

However, on September 16, the N748.64bn primary-market repayment was about six-and-a-half times lower than the N4.891tn placed at the SDF, leaving a gap of roughly N4.14tn.

Over the two-day period, the CBN released a cumulative N3.81tn into the banking system through OMO and primary-market repayments, while banks placed a combined N7.01tn at the SDF.

The figures indicate that banks absorbed the repayments into the CBN’s sterilisation facility, drawing on a larger liquidity buffer already available within the financial system.

The scale of the repayments recorded between September 15 and 16 was broadly in line with liquidity inflows projected earlier by the Financial Markets Dealers Association (FMDA).

The association had estimated total liquidity inflows of N3.56tn for the week, up from N3.02tn in the previous week, representing an 18.2 per cent increase.