CBN Ramps Up OMO Sales in H1 2026 as Liquidity Management Intensifies

The Central Bank of Nigeria ramped up its Open Market Operations dramatically in the first half of 2026, selling N18.79 trillion worth of OMO bills — a 313 per cent jump from the N8.79 trillion recorded over the same period in 2025.

Repayments grew even faster. OMO maturities flowing back into the system reached N34.49 trillion by the end of June, more than six times the N5.58 trillion recorded a year earlier. Because repayments outpaced fresh sales, net OMO sales actually eased to N1.85 trillion, down from N3.22 trillion in H1 2025 — meaning the overall liquidity squeeze was softer than the headline sales figure suggests.

The monthly pattern was volatile. January alone saw N8.54 trillion in sales against N5.63 trillion in repayments; February flipped to net repayments; March closed with a net withdrawal of roughly N1.97 trillion. April brought N6.4 trillion in sales versus N3.46 trillion in repayments, while May swung the other way with N3.62 trillion sold against N9 trillion repaid.

Analysts read the surge as a decisive shift in the apex bank’s liquidity management strategy: intervening more aggressively in the money market while allowing larger maturities to flow back into the system, all in service of balancing inflation control, exchange-rate stability and capital-flow pressures.

For banks, fund managers and businesses, the takeaway is a far more active monetary stance than a year ago — and one that will keep short-term interest rates and system liquidity under tight management for the rest of the year.

Source: ThisDay