ABUJA, Nigeria — The Central Bank of Nigeria (CBN) absorbed approximately ₦6.88 trillion ($4.44 billion) from the financial system through Open Market Operations (OMO) auctions during the first two weeks of June 2026. The liquidity withdrawal represents about 63% of the ₦10.90 trillion ($7.03 billion) projected to enter the financial system this month.
Financial data published by the apex bank as of June 11, 2026, showed that the aggressive cash mop-up followed expectations of substantial liquidity injections from maturing debt instruments and fiscal disbursements. According to projections by the Financial Markets Dealers Association (FMDA), OMO maturities alone are expected to inject ₦7.77 trillion ($5.01 billion) into the banking system during June.
Okay News reports that the CBN conducted OMO auctions on June 2, June 8, and June 11, recording total subscriptions exceeding ₦7.2 trillion ($4.65 billion). Investor demand was strongest for instruments with maturities above 130 days, while stop rates ranged from 19.98% to 21.89%.
The largest allotment occurred during the June 2 auction, where the apex bank allotted ₦2.409 trillion ($1.55 billion) in a 133-day OMO bill despite offering only ₦200 billion ($129 million). A 134-day OMO bill auction on June 8 attracted subscriptions of ₦1.605 trillion ($1.04 billion), while a 138-day instrument drew ₦1.84 trillion ($1.19 billion) in investor demand.
Market data also showed that liquidity conditions remained elevated despite the CBN’s tightening efforts. The apex bank had withdrawn an estimated ₦12.06 trillion ($7.78 billion) from the financial system in May, yet average system liquidity still increased to ₦5.22 trillion ($3.37 billion) during the period.
The FMDA said June inflows are also expected to include ₦1.80 trillion ($1.16 billion) in Federation Account Allocation Committee disbursements and nearly ₦1 trillion ($645 million) from Treasury Bills maturities. The strong oversubscription levels recorded at recent auctions indicate sustained investor appetite for OMO instruments despite tight monetary conditions.
