ABUJA, Nigeria — The Central Bank of Nigeria allotted ₦3.85 trillion at its Open Market Operations auction on Tuesday, November 10, 2026, more than double the ₦1.50 trillion it had offered, as investors showed a strong preference for longer-dated securities.
Investors submitted ₦4.07 trillion in bids, a bid-to-cover ratio of 2.71 times the amount offered. The Central Bank accepted about 94.71% of subscriptions and rejected about ₦215.13 billion in bids.
The Central Bank had offered ₦500 billion each across three instruments: 154-day, 252-day and 329-day. The 329-day instrument drew the strongest demand, with ₦2.82 trillion in subscriptions, about 69.3% of total bids, and accounted for about ₦2.79 trillion, or roughly 72.4% of total allotments. It cleared at a stop rate of 15.99% and matures on October 5, 2027.
The 252-day instrument attracted ₦791.50 billion in bids and received ₦783.50 billion in allotments at a stop rate of 16.68%. It matures on July 20, 2027.
The 154-day instrument drew ₦457.89 billion in bids, below its ₦500 billion offer. The Central Bank allotted ₦280.76 billion, about 61.3% of subscriptions, at a stop rate of 17.44%.
The difference between the 154-day and 329-day stop rates was 145 basis points, with the longer bill clearing at the lower rate. The results suggest investors were willing to lock in lower yields for longer periods rather than accept higher rates on shorter maturities.
The auction follows a series of large allotments. On November 3, the Central Bank allotted about ₦2.95 trillion from an offer of ₦1.50 trillion. On November 6, it allotted ₦724.32 billion against a ₦1 trillion offer, accepting about 38.37% of bids. The latest allotment is about ₦900 billion higher than the November 3 result.
Banking-system liquidity remains high. Banks’ balances at the Central Bank’s Standing Deposit Facility reached ₦8.31 trillion in the week ended November 6, even as the Central Bank continued absorbing liquidity through Open Market Operations. Earlier, the Central Bank had allotted about ₦4.69 trillion at the September 29 auction.
The net effect of the auction on liquidity will depend on maturities, Treasury Bill repayments and Federation Account allocations due in the coming weeks, as well as on the next Open Market Operations auctions.
