[REVISION HISTORY]

Ghana-Nigeria Treasury bill and OMO liquidity demand

Updated 21 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-17 08:11 UTC → 2026-09-21 00:19 UTC · added ~~removed~~

By mid-September 2026, ~~both Ghana and Nigeria experienced notable shifts in~~ liquidity and debt market ~~dynamics. In Nigeria, banking system liquidity rose to ₦4.66 trillion in early September, up from ₦3.61 trillion the prior week. This surge was fueled by ₦2.3 trillion~~ dynamics in ~~primary market repayments~~ Nigeria and ~~₦4.4 trillion placed at~~ Ghana continued to shift through central bank interventions and changing investor appetites. In Nigeria, the Central Bank of ~~Nigeria’s~~ Nigeria (CBN) ~~Standing Deposit Facility. The Financial Markets Dealers Association (FMDA) anticipates total inflows~~ has actively managed banking system liquidity. Following a period of rising liquidity, the CBN absorbed approximately ~~₦15.72~~ ₦2.5 trillion ~~for September, with maturing~~ through an Open Market ~~Operation~~ Operations (OMO) ~~bills expected~~ auction. While the bank initially targeted ₦1 trillion in subscriptions across 69-day, 90-day, and 153-day maturities, demand surged to ~~contribute ₦11.60~~ roughly ₦3 trillion. ~~While~~ The CBN allotted the ~~liquidity surplus eased overnight money-market~~ ₦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 ~~22.13 percent,~~ tightening interbank rates, with the Nigerian Interbank Offered ~~Rate (NIBOR) trended higher, suggesting market anticipation of CBN sterilization activities. Recent data from the CBN highlights divergent credit trends.~~ Rate’s overnight rate rising 2 basis points to 22.20%. Credit trends in Nigeria remain divergent. While total credit ~~extended by banks~~ to the economy rose by ~~5.95 percent~~ 5.95% to ₦60.73 trillion in ~~the first quarter of~~ Q1 2026, ~~outstanding~~ consumer credit contracted by ~~18.78 percent, falling by approximately ₦710 billion~~ 18.78% to ₦3.07 ~~trillion. This was largely~~ trillion, driven by a ~~41.45 percent~~ 41.45% drop in retail ~~loans, though the~~ loans. The services sector ~~remains the largest recipient of bank~~ continues to lead credit recipients at nearly ~~60 percent.~~ 60%, while agriculture saw a 6.93% increase. In Ghana, the government successfully raised GH¢3.15 billion through a 4-year Fixed Rate Bond (FXR) auction at a 12.00% yield. A subsequent Treasury bill auction saw a 51.6% oversubscription, with interest rates declining across all tenors. However, missed its treasury bills borrowing target for the first time in over two months. In a ~~later~~ recent Bank of Ghana auction, the government ~~missed its GH¢7.97~~ aimed to raise GHS 4.1 billion ~~Treasury-bill target, accepting~~ but accepted only ~~GH¢7.21~~ approximately GHS 1.8 billion. ~~The Treasury exercised significant price discipline on longer-term debt, rejecting nearly 44.5%~~ 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 ~~offers~~ the GHS 1.2 billion tendered for the 364-day ~~bill to avoid higher interest rates. Despite~~ bill. On the ~~target shortfall,~~ Ghana Fixed Income Market, treasury bills accounted for 61.13% of the ~~91-day bill yield continued a downward trend, dropping 11 basis points to 4.69%.~~ GH¢1.24 billion trading turnover recorded on September 18, 2026.

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