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23 clusters · 41 sources · 58 days · First seen about 2 months ago · Last updated 1 day ago

Ghana-Nigeria Treasury bill and OMO liquidity demand

Overview

By mid-September 2026, liquidity and debt market dynamics in Nigeria and Ghana continued to shift through central bank interventions and changing investor appetites.

In Nigeria, the Central Bank of Nigeria (CBN) has actively managed banking system liquidity. Following a period of rising liquidity, the CBN absorbed approximately ₦2.5 trillion through an Open Market Operations (OMO) auction. While the bank initially targeted ₦1 trillion in subscriptions across 69-day, 90-day, and 153-day maturities, demand surged to roughly ₦3 trillion. The CBN allotted the ₦2.5 trillion at stop rates below 20%, specifically 19.25% for the 69-day tenor, 19.05% for the 90-day tenor, and 18.39% for the 153-day tenor. This intervention led to tightening interbank rates, with the Nigerian Interbank Offered Rate’s overnight rate rising 2 basis points to 22.20%.

Credit trends in Nigeria remain divergent. While total credit to the economy rose by 5.95% to ₦60.73 trillion in Q1 2026, consumer credit contracted by 18.78% to ₦3.07 trillion, driven by a 41.45% drop in retail loans. The services sector continues to lead credit recipients at nearly 60%, while agriculture saw a 6.93% increase.

In Ghana, the government missed its treasury bills borrowing target for the first time in over two months. In a recent Bank of Ghana auction, the government aimed to raise GHS 4.1 billion but accepted only approximately GHS 1.8 billion. Investor appetite for longer-dated debt remains weak; while the 91-day bill attracted GHS 2.28 billion in bids, the government accepted only GHS 110.52 million of the GHS 1.2 billion tendered for the 364-day bill. On the Ghana Fixed Income Market, treasury bills accounted for 61.13% of the GH¢1.24 billion trading turnover recorded on September 18, 2026.

Entities

Central Bank of Nigeria · Bank of Ghana · Debt Management Office · Cowry Asset Limited · Nigeria

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] Total subscriptions for the auction were about N3.62 trillion against an offer size of N700 billion.
[● 3 SOURCES] The 364‑day bill attracted N3.38 trillion in bids for an offer of N500 billion, an oversubscription of nearly seven times.
[● 3 SOURCES] CBN allotted about N1.25 trillion in total across the three maturities.
[● 3 SOURCES] More than N1.02 trillion was allocated to the 364‑day bill.
[● 3 SOURCES] The stop rate on the 364‑day bill was cut by 31 basis points to 17.35 percent from 17.66 percent at the previous auction.
[● 3 SOURCES] The 91‑day bill stop rate remained at 16.30 percent with bid rates between 15.97 percent and 17.50 percent.
[● 3 SOURCES] The 182‑day bill stop rate remained at 16.50 percent with bid rates ranging from 16.00 percent to 25.00 percent.
[● 2 SOURCES] The Central Bank of Nigeria offered N700 billion of Treasury bills across three tenors (N100 bn 91‑day, N100 bn 182‑day, N500 bn 364‑day) in the July 2026 auction.
[● 2 SOURCES] Overall, the CBN allotted about N1.25 trillion across all tenors and rejected N2.4 trillion in excess subscriptions.
[● 2 SOURCES] The Central Bank of Nigeria offered a combined N700 billion of Treasury bills: N100 billion each for 91‑day and 182‑day bills, and N500 billion for the 364‑day bill.
[● 2 SOURCES] Total investor subscriptions for the auction reached approximately N3.62 trillion, with the 364‑day bill alone attracting N3.38 trillion.
[● 2 SOURCES] The CBN allotted about N1.25 trillion across all three tenors.

Timeline

1 day ago

[BUSINESS] 7 sources
Ghana misses treasury bills target as investor appetite weakens
Ghana missed its GHS 4.1 billion treasury bills target, raising only GHS 1.8 billion as investors showed caution toward longer-dated debt despite high GFIM turnover.
5 days ago

[BUSINESS] 2 sources
Central Bank of Nigeria mops up N2.5tn in OMO bills
The Central Bank of Nigeria absorbed N2.5 trillion through OMO bills after demand reached N3 trillion, aiming to manage excess liquidity in the banking system.
5 days ago

[BUSINESS] 3 sources
Central Bank of Nigeria reports divergent credit and liquidity trends
Nigeria's consumer credit fell by ₦710 billion in Q1 2026 despite rising total bank credit, while recent CBN repayments of ₦3.81 trillion have significantly impacted banking system liquidity.
8 days ago

[BUSINESS] 6 sources
Ghana Government misses Treasury-bill target amid rate discipline
The Ghanaian government accepted GH¢7.21 billion in Treasury-bill bids, missing its GH¢7.97 billion target after rejecting nearly half of the 364-day bids to maintain price discipline.
15 days ago

[BUSINESS] 2 sources
Nigeria banking liquidity rises amid projected ₦15.72tn September inflows
Nigeria’s banking liquidity rose to ₦4.66 trillion, with the FMDA projecting ₦15.72 trillion in inflows for September, driven primarily by maturing OMO bills and central bank activities.
15 days ago

[BUSINESS] 3 sources
Ghana treasury bills oversubscribed by 51% as yields decline
Ghana's treasury bills auction was oversubscribed by 51.6%, with GH¢9.94 billion in bids against a GH¢6.55 billion target, even as interest rates fell across all maturities.
15 days ago

[BUSINESS] 6 sources
Ghana secures GH¢3.15bn from 4-year bond auction
Ghana's government secured GH¢3.15 billion from a 4-year Fixed Rate Bond auction, which saw GH¢4.46 billion in total bids and a clearing yield of 12.00%.
17 days ago

[BUSINESS] 3 sources
Central Bank of Nigeria reports N930bn drop in banking liquidity
The Central Bank of Nigeria reported a N930 billion drop in banking system liquidity to N3.66 trillion, while the overnight lending rate rose slightly to 22.20 per cent.
22 days ago

[BUSINESS] 3 sources
Central Bank of Nigeria mops up N4.72tn via OMO operations
The Central Bank of Nigeria absorbed N4.72 trillion through aggressive Open Market Operations after investor demand for short-term securities reached N8.62 trillion, signaling tighter medium-term funding.
26 days ago

[BUSINESS] 3 sources
Nigeria money market liquidity fluctuates amid OMO and Treasury bill settlements
Nigeria's money market shows volatile liquidity levels, with surpluses shifting between ₦3.57 trillion and ₦7.40 trillion due to Treasury bill settlements and central bank operations.
28 days ago

[BUSINESS] 4 sources
Government bond auctions see mixed results in Jamaica and Nigeria
Jamaica raised $26.8 billion against a $30 billion bond target, while Nigeria's government raised N7.62 trillion through domestic bond auctions between January and August 2026.
29 days ago

[BUSINESS] 3 sources
Ghana treasury bills see 162% oversubscription
Ghana's treasury-bill auction recorded a 162% oversubscription, with high demand for 364-day bills as interest rates showed a continued dip along the yield curve.
about 1 month ago

[BUSINESS] 2 sources
Nigeria money market liquidity fluctuates amid OMO and Treasury bill settlements
Nigeria's money market liquidity fluctuates due to OMO settlements and Treasury bills, though high excess liquidity keeps interbank funding rates relatively stable near 22%.
about 1 month ago

[BUSINESS] 2 sources
Nigeria fixed income market sees high demand for bonds and OMO bills
Nigeria's fixed income market shows strong activity, with OMO bills dominating weekly trades and the DMO allotting N1.56 trillion in FGN bonds following high investor demand.
about 1 month ago

[BUSINESS] 8 sources
Central Bank of Nigeria expands OMO access and launches digital asset sandbox
The Central Bank of Nigeria has reopened OMO securities to retail and corporate investors and launched a digital asset regulatory sandbox to drive financial inclusion and manage market liquidity.
about 1 month ago

[BUSINESS] 2 sources
Ghana Treasury bill bids nearly double government target
Ghanaian investors submitted GH¢11.28 billion in Treasury bill bids, nearly doubling the government's target, leading to a decline in yields across the 91-day, 182-day, and 364-day instruments.
about 1 month ago

[BUSINESS] 2 sources
Central Bank of Nigeria allots ₦2.6tn in OMO bills amid high demand
The Central Bank of Nigeria allotted ₦2.603 trillion in OMO bills after receiving ₦4.649 trillion in bids, as investors sought high yields to offset excess liquidity in the banking system.
about 1 month ago

[BUSINESS] 6 sources
Ghana government exceeds Treasury bill target by 73%
Ghana's government exceeded its Treasury bill target by 73%, raising GH¢9.4 billion, as investor demand drove the 364-day bill yield up to 12.98%.
about 2 months ago

[BUSINESS] 4 sources
Nigeria Treasury Bills Yield Drop and Auction Cancelled Amid Liquidity Tightening
Nigerian Treasury‑Bill yields fell to 18.11% as demand rose, and the Central Bank cancelled the Aug 5 auction after pulling N4.69 trillion in liquidity via OMOs.
about 2 months ago

[BUSINESS] 3 sources
Nigeria Treasury Bill Yield Cut After Massive Bids
Nigeria's CBN auction drew N3.62 trn in bids, oversubscribing the 364‑day bill and cutting its yield to 17.35%, while secondary yields slipped slightly.
about 2 months ago

[BUSINESS] 2 sources
Central Bank of Nigeria cuts 364‑day Treasury bill yield amid massive oversubscription
Nigeria's central bank offered N500 bn of 364‑day Treasury bills, attracted N3.38 tn in bids, allotted N1.02 tn at a 17.35% stop rate, rejected N2.4 tn excess, and reported a 30% rise in 2025 interest income to
about 2 months ago

[BUSINESS] 4 sources
Ghana Treasury Bills Oversubscribed, Nigeria Exceeds Borrowing Target
Ghana’s Treasury bill auction was oversubscribed, drawing GH¢12.37 bn in bids; Nigeria’s federal borrowing hit N12.62 tn, far above its 2024 target, widening the fiscal deficit.
about 2 months ago

[BUSINESS] 3 sources
Ghana and Nigeria Treasury Bill Auctions Attract Strong Demand
Ghana's Treasury bill auction oversubscribed by 30% as yields fell, while Nigeria's central bank plans a N700 billion Treasury bill auction on July 29.

Sources

3news.com · bitcoinethereumnews.com · bizwatchnigeria.ng · blueprint.ng · businesselitesafrica.com · capitalnewsonline.com · chale.news · coingeek.com · dailyreport.ng · dailytrust.com · dailytrust.com.ng · dmarketforces.com · economicconfidential.com · fellowpress.com · forexlive.com · furtherafrica.com · ghanaguardian.com · ghanaiantimes.com.gh · ghanamma.com · insidebusiness.ng · investorsking.com · lazybudgetchef.com · marketnewsng.com · metrotvonline.com · myjoyonline.com · myrepubliconline.com · nairametrics.com · nannews.ng · nationwidenewsnetwork.com · norvanreports.com · onuaonline.com · punchng.com · solacebase.com · srilankabiz.lk · theghanareport.com · thehighstreetjournal.com · thenigerialawyer.com · thevaultznews.com · thevoicenewsmagazine.com · thisdaylive.com · tribuneonlineng.com

This summary has been updated 21 times: see revision history