The Central Bank of Nigeria (CBN) accepted N3.854 trillion in bids during its Open Market Operations auction on November 10, 2026. Nairametrics reported that this total surpassed the bank’s initial N1.50 trillion target by N2.354 trillion. The surge in participation reflected a strong market preference for securities with longer maturities. Total subscriptions reached N4.069 trillion, creating a bid-to-cover ratio of 2.71 times the advertised amount.
The CBN had offered N500 billion each for 154-day, 252-day, and 329-day bills. Because demand outstripped supply, the bank accepted approximately 94.71% of all bids. Nairametrics noted that roughly N215.13 billion in offers were rejected, leaving the final allotment at about 2.57 times the original plan. This outcome demonstrates the bank’s willingness to expand issuance when investor appetite is high.
Longer-term instruments dominated the activity. The 329-day bill, maturing in October 2027, received N2.82 trillion in bids against a N500 billion offer. Consequently, this single instrument represented roughly 72.4% of the total funds allotted. The CBN accepted N2.79 trillion for this maturity at a stop rate of 15.99%. The 252-day bill, due in July 2027, also saw strong uptake, with N783.50 billion accepted at a 16.68% rate.
Shorter-term bills experienced weaker relative demand. The 154-day instrument attracted only N457.89 billion in bids, falling below its N500 billion target. Nairametrics indicated that the CBN allotted N280.76 billion for this maturity at a 17.44% stop rate. This suggests that investors preferred locking in capital for longer periods despite the lower yield compared to the shorter option.
This auction continues a trend of significant OMO volumes by the CBN. Nairametrics observed that while the acceptance level differs from recent operations, the scale remains substantial. The previous auction on November 3 also started with a N1.50 trillion offer but attracted N3.52 trillion in subscriptions. The consistent high participation underscores the central bank’s role in managing liquidity through these open market transactions.