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Ghana-Nigeria Treasury bill and OMO liquidity demand
Overview
By late October 2026, liquidity and debt market dynamics in Nigeria and Ghana continued to evolve through central bank interventions and shifting investor appetites. In Nigeria, the Central Bank of Nigeria (CBN) has utilized aggressive Open Market Operations (OMO) to manage liquidity. In early October, the CBN executed a massive liquidity drain, allocating approximately ₦3.31 trillion in OMO bills, resulting in a net liquidity drain of about ₦1.14 trillion for the month. Banking system liquidity has since experienced significant surges. In mid-October, net liquidity rose by over 55% to approximately ₦6 trillion, driven by the CBN repaying ₦2.41 trillion in matured OMO securities. By late October, the net liquidity surplus climbed to ₦6.94 trillion, with total system liquidity peaking at ₦8.4 trillion due to matured OMO bills, expired Treasury bills, and primary market repayments. To manage this overhang, the CBN conducted an OMO auction offering ₦2 trillion, which saw ₦2.7 trillion in subscriptions, resulting in an allotment of ₦2.6 trillion. Commercial banks continue to park significant funds in the Standing Deposit Facility (SDF), with balances climbing to ₦7.9 trillion, signaling a preference for central bank deposits over private-sector credit. Additionally, credit to the federal government expanded by 63.1% year-on-year to ₦39.4 trillion in September 2026, significantly outpacing the 15.7% growth in private-sector credit. In Nigeria, the Debt Management Office (DMO) rejected a large portion of investor bids during an October 28 auction. Total bids reached ₦1.908 trillion against an ₦800 billion offer, but authorities allotted only ₦71.16 billion. The 364-day instrument saw the strongest interest, with ₦1.84 trillion in subscriptions against a ₦600 billion offer, but only ₦38.38 billion was allotted. In Ghana, investor demand for Treasury bills remains high. On October 30, the government raised GH¢1.92 billion through an auction.
Entities
Central Bank of Nigeria · Bank of Ghana · Nigeria · Debt Management Office · Ghana
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The government accepted GH¢4.40 billion of the total bids.
- [○ 1 SOURCE] The Bank of Ghana received total bids of GH¢5.06 billion across 91-day, 182-day, and 364-day instruments.
- [● 3 SOURCES] Total subscriptions for the auction were about N3.62 trillion against an offer size of N700 billion.
- [● 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.
Timeline
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[BUSINESS] 3 sourcesGhana Treasury bill auctions see 4% oversubscription in October
Ghana's final October Treasury bill auction saw a 4.13% oversubscription with GHS 2.55 billion in bids, though investor demand moderated by 40% compared to the previous week.
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[BUSINESS] 7 sourcesGhana and Nigeria Treasury Bill auctions see high demand and significant bid rejections
Recent Treasury bill auctions in Ghana and Nigeria saw high investor demand, but authorities in both nations accepted significantly lower amounts than requested, leaving many bids unfilled.
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[BUSINESS] 4 sourcesNigeria banking data shows rising government credit and cash outside banks
Central Bank of Nigeria data shows government credit rose to N39.4tn in September 2026, while cash held outside banks reached N4.92tn.
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[BUSINESS] 5 sourcesNigeria banking system liquidity reaches N6.94 trillion
Nigerian banking system liquidity rose to a net surplus of N6.94 trillion, prompting the CBN to allot N2.6 trillion in OMO bills as banks park N7.9 trillion in excess funds at the central bank.
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[BUSINESS] 8 sourcesNigeria financial system sees rising liquidity and money supply
Nigeria’s money supply rose to N146.6 trillion in September, driven by a surge in CBN bills, while excess banking liquidity increased following OMO bill maturities.
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[BUSINESS] 3 sourcesNigerian banking liquidity surges to over N6 trillion
Nigerian banking system liquidity has surged to over N6 trillion, driven by N2.41 trillion in matured OMO securities repayments from the Central Bank of Nigeria.
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[BUSINESS] 2 sourcesGhana government accepts 69% of Treasury-bill target
Ghana's government accepted only GH¢3.48 billion in its latest Treasury-bill auction, meeting just 69% of its target despite investor bids exceeding the goal.
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[BUSINESS] 10 sourcesGhana financial markets see surge in Treasury bill demand and stock trading
Ghanaian financial markets report high investor demand for Treasury bills, with auctions exceeding targets by 76.4%, alongside rising trading volumes on the Ghana Stock Exchange.
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[BUSINESS] 3 sourcesCentral Bank of Nigeria tightens regulations and liquidity
The Central Bank of Nigeria is tightening banking regulations through a new risk-based capital framework and aggressively withdrawing liquidity from the financial system via Open Market Operations.
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[BUSINESS] 7 sourcesCentral Bank of Nigeria executes massive liquidity drain via OMO auctions
The Central Bank of Nigeria is tightening liquidity through N3.31 trillion in OMO bill sales and a N900 billion Treasury Bill offer, while the DMO launches new FGN savings bonds.
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[BUSINESS] 5 sourcesCentral Bank of Nigeria sees massive demand in OMO auctions
Investors have shown massive demand for Central Bank of Nigeria OMO auctions, with September subscriptions reaching ₦20.6 trillion as the bank uses these tools to manage market liquidity.
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[BUSINESS] 8 sourcesCentral Bank of Nigeria sees rising liquidity as banks boost SDF deposits
Nigerian bank liquidity has risen to N5.98 trillion as banks increase deposits into the Central Bank of Nigeria's Standing Deposit Facility following a monetary policy rate cut to 23%.
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[BUSINESS] 6 sourcesGhana Treasury bill market sees first undersubscription in 12 weeks
Ghana's Treasury bill market recorded its first undersubscription in 12 weeks, with investor demand falling below government targets amid shifting liquidity in the fixed-income market.
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[BUSINESS] 2 sourcesCentral 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.
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[BUSINESS] 3 sourcesCentral 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.
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[BUSINESS] 6 sourcesGhana 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.
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[BUSINESS] 2 sourcesNigeria 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.
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[BUSINESS] 3 sourcesGhana 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.
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[BUSINESS] 6 sourcesGhana 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%.
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[BUSINESS] 3 sourcesCentral 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.
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[BUSINESS] 3 sourcesCentral 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.
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[BUSINESS] 3 sourcesNigeria 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.
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[BUSINESS] 4 sourcesGovernment 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.
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[BUSINESS] 3 sourcesGhana 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.
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[BUSINESS] 2 sourcesNigeria 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%.
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[BUSINESS] 2 sourcesNigeria 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.
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[BUSINESS] 8 sourcesCentral 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.
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[BUSINESS] 2 sourcesGhana 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.
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[BUSINESS] 2 sourcesCentral 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.
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[BUSINESS] 6 sourcesGhana 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%.
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[BUSINESS] 4 sourcesNigeria 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.
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[BUSINESS] 3 sourcesNigeria 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.
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[BUSINESS] 2 sourcesCentral 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
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[BUSINESS] 4 sourcesGhana 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.
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[BUSINESS] 3 sourcesGhana 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 · brandspurng.com · businessamlive.com · businessday.ng · businesselitesafrica.com · businesstechafrica.co.za · businesstoday.co.ke · capitalnewsonline.com · chale.news · coingeek.com · cryptobriefing.com · dailyreport.ng · dailytrust.com · dailytrust.com.ng · dmarketforces.com · e247mag.com · economicconfidential.com · econoTimes.com · fellowpress.com · forexlive.com · furtherafrica.com · ghanaguardian.com · ghanaiantimes.com.gh · ghanamma.com · hallmarknews.com · innovation-village.com · insidebusiness.ng · investorsking.com · iroyinyorubatv.com.ng · kanyidaily.com · latestnigeriannews.com · lazybudgetchef.com · marketnewsng.com · metrotvonline.com · myjoyonline.com · myrepubliconline.com · nairametrics.com · nannews.ng · nationalaccordnewspaper.com · nationwidenewsnetwork.com · newscenta.com · newscentral.africa · norvanreports.com · onuaonline.com · persecondnews.com
This summary has been updated 36 times: see revision history