Nigeria's central bank sold 244.9bn NGN (€162mn) of central bank bills, the instrument it uses to absorb excess naira liquidity, on October 29, a quarter of the 1tn NGN (€659mn) it offered, the Central Bank of Nigeria (CBN) said in its auction results. Investors had bid 2.28tn NGN (€1.50bn). The marginal rate was 17.69% on 124-day bills and 17.63% on 138-day bills.
Analysis: The central bank accepted 10.8% of bids, down from 96% a week earlier when it sold 2.63tn NGN (€1.73bn) in bills, by our calculation. It accepted yields no higher than 17.69% on 124-day paper and 17.63% on 138-day paper, while investors sought as much as 19.5% and 19%, respectively. The outcome suggests the bank resisted higher borrowing costs rather than facing insufficient demand. The Treasury had also accepted only 3.7% of bids at its preceding auction. Unplaced liquidity may return to the next Treasury sale, expected around November 11.
Source: Central Bank of Nigeria, CBN Government Securities feed, OMO auctions (GetAllSecuritiesOMO API behind the page), October 29, 2026 and October 22, 2026; Central Bank of Nigeria, CBN Government Securities Summary, OMO results (JSON feed), 22 October 2026; Central Bank of Nigeria, CBN Government Securities feed (GetAllSecuritiesNTB API behind the page), auction of October 28, 2026, October 28, 2026; Central Bank of Nigeria, CBN Nigerian Foreign Exchange Market (NFEM) daily rates feed (GetAllNFEM_Rates API behind the exchange-rate page), 30 October 2026; European Central Bank, ECB euro foreign exchange reference rates, US dollar, 30 October 2026