The Central Bank of Nigeria conducted its third Open Market Operations (OMO) bills auction in eight days, offering ₦1.5 trillion. The size is normal. The issues regarding it are not.

The CBN issued ₦500 billion in 154-, 252-, and 329-day bills to mop up excess bank cash. OMO bills are CBN securities, distinct from government borrowing that occurs through Treasury bills issued by the Debt Management Office (DMO).

Of the ₦2.448 trillion liquidity inflows expected this week, nearly 94% is maturing OMO paper, while Treasury bills account for only ₦148.565 billion.

On November 9, banks deposited ₦5.915 trillion at the CBN’s Standing Deposit Facility, a decrease from ₦8.311 trillion recorded three days before. Dealers estimate system liquidity at ₦8.505 trillion. The CBN issues bills that mature, cash comes back, and the process repeats.

In September, it allocated ₦17.51 trillion while maturities amounted to ₦10.89 trillion, resulting in a net withdrawal of roughly ₦6.62 trillion. In October, the total allotments reached around ₦6.18 trillion.

A figure that does not reconcile

Nairametrics reported on November 10 that the CBN handed out ₦5.667 trillion on November 3 and 6, which is nearly 92% of what they did in October, showing a ramped-up mop-up. Whether that happens depends on the November 6 auction hitting ₦5.74 trillion in bids and ₦2.72 trillion in allotments. On November 11, The Sun ran a report that repeats those figures.

But on November 7, Nairametrics said the CBN put up ₦1 trillion, got bids worth ₦1.887 trillion, and ended up giving out ₦724.32 billion. In that version, the two auctions add up to around ₦3.67 trillion, which is about 59% of October’s total. That ₦5.74 trillion bid total matches the September 24 number, hinting at a possible mistake being repeated, though we’re not sure.

The gap determines if the CBN is speeding things up or slowing down. On November 3, Nairametrics said the mop-up was calming down. Until the numbers match up, saying we’re “stepping up” is just a claim, not a fact.

What is missing

Cost. The three tenors on November 3 went through at 17.67% to 17.77%. That’s under the early-June rates over 21%, but every rollover still racks up interest on the central bank’s balance sheet.

Policy. The Monetary Policy Committee dropped the policy rate to 23% in September and adjusted the corridor. The meeting resumes on November 23 and 24 to present the case against relying heavily on mop-ups.

The Treasury. On November 4, the DMO allocated ₦509.4 billion out of ₦2.045 trillion in bids, roughly 25%, and on October 28, ₦71.16 billion out of ₦1.908 trillion. The selectivity appears unusual when compared with a ₦20.12 trillion deficit reported for 2026. The DMO comes back on November 11 with an ₦800 billion offer.

The result. At the time of writing, they had not released any results for the November 10 auction.

The bottom line

The cost isn’t just about interest. Every trillion banks stash at the CBN for safe returns is a trillion not loaned out to businesses. That trade-off’s what the whole policy debate’s about, but you barely hear about it in today’s news.

A more accurate headline would say: “CBN holds third OMO auction this week as liquidity stays high.” Most of the arithmetic is correct, and the mechanics are well addressed. But that “stepping up” claim is based on a dodgy number, costs get left out, and they ignore the meeting that really counts.

Sources: Nairametrics (Nov 5, 7, 10), The Sun (Nov 11), Techeconomy, CBN MPC statement (Sept 22).