[REVISION HISTORY]

Ghana-Nigeria Treasury bill and OMO liquidity demand

36 recorded revisions of this situation.

What changed

2026-11-01 19:34 UTC → 2026-11-03 09:02 UTC · added ~~removed~~

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. ~~While bids of GH¢2.55 billion exceeded the GH¢2.45 billion target, the Bank of Ghana left GH¢630.21 million of bids unaccepted.~~

Versions

Select a version to see what changed compared to the one before it.