OMO Bills Auction Draws ₦6.1 Trillion Bids for ₦1 Trillion Offer

The Central Bank of Nigeria’s September 24 Open Market Operations (OMO) bills auction attracted ₦6.1 trillion in bids, far above the ₦1 trillion initially offered. OMO bills are used by the CBN to manage liquidity in the financial system and support its inflation-control efforts. The CBN did not allot the initially offered 68-day tenor. It instead sold ₦2.3 trillion worth of 152-day and 180-day bills at stop rates of 17.29% and 16.99%, respectively, despite declining fixed-income yields.

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