Investors’ Subscriptions for CBN’s OMO Rise to N20.6tn in September after Bank Widens Access
*Apex bank clarifies MPR reset targets broken link between policy, market rates James Emejo in Abuja and Kayode Tokede in Lagos Following the decision of the Central Bank of Nigeria
In September 2026, investors' subscriptions for the Central Bank of Nigeria's market operations (OMO) bills reached a record N20.6 trillion, marking a 10% increase from N18.72 trillion in August, according to data from the apex bank. This surge represents the highest subscription recorded this year and comes after the CBN opened its OMOs to a wider range of investors, including individuals, companies, and non-bank financial institutions.
The CBN's recent adjustment of the Monetary Policy Rate (MPR) was not intended to ease monetary policy but rather to reset the gap between the benchmark rate and actual money-market conditions. The CBN has offered N3.9 trillion at OMO auctions in September, compared to N3.8 trillion in August, with successful bids totaling N12.82 trillion, up from N12.02 trillion in the preceding month.
Analysts anticipate that the wider access and attractive returns could potentially intensify competition between fixed-income instruments and equities. The CBN's Managing Director, Mr. David Adonri, attributes the growth in OMO activity to the bank's efforts to absorb excess liquidity.
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