The Central Bank of Nigeria (CBN) has allotted ₦3.85 trillion worth of Open Market Operations (OMO) bills, more than twice its initial offer of ₦1.5 trillion, as investors submitted bids worth ₦4.07 trillion at its auction on Tuesday, November 10, 2026.
The strong demand translated into a bid-to-cover ratio of 2.71 times, indicating sustained investor interest in high-yielding government securities, particularly longer-dated instruments.
Data from the auction results showed that the apex bank allotted approximately ₦3.854 trillion across the three tenors, representing about 2.57 times the total amount initially offered.
The 329-day instrument attracted the highest subscription, with bids reaching ₦2.82 trillion, representing about 69.3 per cent of total subscriptions.
The CBN had offered ₦500 billion for the instrument but received subscriptions of ₦2.82 trillion. It subsequently allotted ₦2.79 trillion at a stop rate of 15.99 per cent.
The 252-day instrument also recorded subscriptions above its offer, attracting ₦791.5 billion against the ₦500 billion offered. The bank allotted ₦783.5 billion at a stop rate of 16.68 per cent.
Demand for the 154-day instrument, however, fell below the amount offered. Subscriptions stood at ₦457.89 billion against the ₦500 billion on offer, while the CBN allotted ₦280.76 billion at a stop rate of 17.44 per cent.
The auction results showed that stop rates declined as the maturity period increased. The 154-day bill recorded the highest stop rate at 17.44 per cent, followed by 16.68 per cent for the 252-day instrument and 15.99 per cent for the 329-day bill.
Despite the differences in stop rates, the true yields were relatively close, standing at 18.83 per cent, 18.85 per cent and 18.68 per cent for the 154-day, 252-day and 329-day instruments, respectively.
The concentration of subscriptions in the 329-day bill suggests that investors were willing to commit funds for longer periods to secure prevailing returns, amid expectations of possible changes in monetary conditions.
The scale of the allotment also highlights the CBN’s willingness to absorb liquidity beyond its initial auction target as part of its monetary management operations.
With total allotments exceeding the initial offer by approximately ₦2.35 trillion, the auction represents a significant liquidity management exercise by the apex bank.
The results come as investors continue to position their portfolios around fixed-income opportunities, with demand concentrated on the longest-dated instrument.
