The Central Bank of Nigeria (CBN) has scheduled a ₦2.5 trillion Open Market Operations (OMO) auction for September 29, 2026, on the same day that an estimated ₦2.433 trillion OMO repayment is due to mature.

The near one-for-one match between the fresh offer and the maturing instruments means the auction could significantly influence liquidity conditions in the banking system, depending on the amount eventually allotted by the apex bank.

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According to the CBN auction notice, the offer comprises ₦500 billion in 147-day bills maturing on February 23, 2027; ₦1 trillion in 182-day bills maturing on March 30, 2027; and another ₦1 trillion in 266-day bills maturing on June 22, 2027. Bidding was scheduled to close at 10:30 a.m.

The two longer-tenor instruments account for ₦2 trillion, or 80 per cent of the total offer, while the 147-day instrument represents the remaining 20 per cent.

The auction comes as banks were holding more than ₦6.2 trillion in the CBN’s Standing Deposit Facility (SDF). CBN financial data showed SDF placements at approximately ₦6.278 trillion on September 29, compared with ₦6.014 trillion the previous day and ₦5.899 trillion on September 25.

Banks’ opening balances stood at ₦131.817 billion, down from ₦277.741 billion on September 28 but above the ₦81.653 billion recorded on September 25.

The September 29 auction also follows strong demand for OMO instruments during the month. Across four earlier September auctions, the CBN reportedly offered a cumulative ₦3.9 trillion, while investors submitted about ₦20.58 trillion in bids and approximately ₦12.823 trillion was allotted.

The September 29 offer also extends the maturity profile of CBN OMO instruments into 2027, with the 266-day bill scheduled to mature on June 22. This comes a week after the Monetary Policy Committee reduced the Monetary Policy Rate (MPR) by 350 basis points to 23 per cent at its September 22 meeting.

The CBN’s ₦2.5 trillion figure represents the amount offered at the auction, rather than the amount ultimately withdrawn from the banking system. The actual liquidity impact will depend on the successful allotment and the rates accepted by investors.