H1 2026: Central Bank OMO Sales Surge to N36.3trn

The Central Bank of Nigeria (CBN) dramatically ramped up its Open Market Operations (OMO) sales, reaching N36.3 trillion in the first half of 2026. This represents a substantial 313.3% increase compared to the N8.79 trillion recorded in the same period of 2025, according to the CBN's latest financial data.

Alongside the surge in sales, OMO repayments also saw a significant jump, closing H1 2026 at N34.49 trillion. This marks an approximately 518.4% increase from N5.58 trillion in H1 2025. The substantial repayments helped to moderate the overall liquidity impact, resulting in net OMO sales declining to N1.85 trillion in H1 2026 from N3.22 trillion a year earlier.

This development signals a notable shift in the CBN's liquidity management strategy. The central bank appears to be adopting a more aggressive stance in intervening in the money market, while simultaneously allowing larger maturities to return to the system. This approach suggests a delicate balancing act by monetary authorities, aiming to manage inflation, maintain exchange rate stability, and address capital flow pressures within a volatile global economic environment.

Data reveals a sharp increase in OMO activity, reflecting evolving liquidity and inflation dynamics during the period. The figures indicate a significantly more active monetary policy compared to the first half of 2025. Monthly trends showed volatility, with OMO sales and repayments fluctuating considerably throughout the first half of 2026. Market analysts suggest the surge in OMO issuance reflects periods of excess liquidity, prompting the CBN to intensify its mop-up operations to stabilize the system.

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OMO is used to stabilise liquidity. When there is too much money in the system, the CBN withdraws it. When liquidity tightens, it allows funds to flow back.