The Central Bank of Nigeria repaid approximately N10.89 trillion to the banking system in September 2026 through the maturity of Open Market Operations bills, while simultaneously selling N17.51 trillion in new securities. The repayments covered about 62 per cent of the month’s gross OMO sales, leaving a net liquidity withdrawal of roughly N6.62 trillion.
Five Auctions and Five Maturity Batches
The apex bank held five major OMO auctions on 1, 8, 16, 24 and 29 September, allotting a combined N17.51 trillion. In the same period five sets of previously issued OMO bills matured, returning about N10.89 trillion to investors.
The largest inflows from maturities occurred mid-month and at the end of September. The CBN repaid N62 billion on 7 September, N3.07 trillion on 8 September, N3.06 trillion on 15 September, N2.27 trillion on 22 September and N2.433 trillion on 29 September.
Against these repayments the bank sold N2.88 trillion on 1 September, N4.40 trillion on 8 September, N3.29 trillion on 16 September, N2.255 trillion on 24 September and N4.686 trillion on 29 September.
Net Liquidity Effects by Date
The 1 September auction produced a net withdrawal of about N2.82 trillion after N2.88 trillion in new sales was set against the N62 billion maturity. On 8 September the CBN sold N4.40 trillion while repaying N3.07 trillion, resulting in a net drain of roughly N1.33 trillion.
Around 15–16 September the N3.29 trillion auction only modestly exceeded the N3.06 trillion maturity, leaving net absorption of about N236 billion. Transactions around 22–24 September generated a small net injection of approximately N15 billion. The final auction on 29 September again withdrew liquidity, with N4.686 trillion in sales against N2.433 trillion in maturities producing a net absorption of about N2.25 trillion.
Strong Demand and Declining Rates
Investor appetite remained robust. Total subscriptions across the five auctions reached approximately N27 trillion, well above the N18.72 trillion recorded in August. Market participants showed a clear preference for longer-dated OMO instruments. Stop rates on those longer bills declined from 18.99 per cent on 1 September to 17.29 per cent by 24 September.
Despite the scale of sterilisation, more than N6.2 trillion still sat at the Central Bank’s Standing Deposit Facility as of 29 September, indicating that surplus cash continued to circulate in the banking system.
Implications for Liquidity Management
The September figures show the CBN relying on OMO operations to manage system liquidity by replacing maturing securities with new issues rather than depending solely on outright absorption. With a net N6.62 trillion withdrawn and more than N6.2 trillion remaining at the Standing Deposit Facility, banks entered the fourth quarter still holding substantial idle balances. That surplus is likely to continue influencing money-market rates and the naira in the weeks ahead.
