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A N5.6 trillion stock of CBN bills absorbed most of September’s money-supply increase, highlighting the central bank’s heavy reliance on OMO.

The October 23 auction was oversubscribed by N629 billion, showing abundant banking-system liquidity even as stop rates climbed.

The CBN sold N629 billion more OMO paper than offered, showing abundant bank liquidity and a tightening bias that could keep credit costly.

Taiwo Oyedele says improving liquidity and price discovery in the Treasury bill market is essential so investors can exit naira paper without additional risk.

The Central Bank of Nigeria offered N2 trillion in OMO bills on October 22 as commercial banks continued to hold more than N6 trillion at the standing deposit facility.

FGN bond and Eurobond yields fell modestly while Treasury bill yields rose, leaving Nigeria's fixed-income market mixed as liquidity stayed ample.

Investors bid up to 18.18 per cent on the one-year bill but the Debt Management Office allotted only N269.06 billion against N450 billion offered, rejecting about 78 per cent of 364-day bids to keep a lid on borrowing costs after the rate cut.

The Central Bank and Debt Management Office plan N5.40 trillion in Treasury bill offers between October and December 2026, with nearly 76% in 364-day instruments, a structure that largely rolls over maturing obligations rather than raising new money.

The Debt Management Office reported that the Federal Government spent N5.28 trillion servicing domestic debt between January and June 2026, with interest and rentals accounting for N4.95 trillion, spotlighting the cost of a borrowing strategy weighted towards short-dated securities.

The Debt Management Office raised N450 billion at its treasury bills auction on Wednesday, leaning on the 364-day tenor as the market's primary pipeline climbed above N3 trillion.