The Central Bank of Nigeria (CBN) injected approximately ₦3.20 trillion into the banking system in October 2026, as repayments on maturing securities exceeded funds raised through fresh auctions.

An analysis of the apex bank’s auction and maturity data by Nairametrics showed that the CBN repaid ₦10.69 trillion to investors during the month, while raising ₦7.49 trillion through Open Market Operations (OMO) and Nigerian Treasury Bills (NTBs).

The difference between the repayments and fresh borrowings resulted in a net liquidity release of ₦3.20 trillion.

The development followed three OMO auctions and three Treasury Bills auctions conducted during the period. Despite receiving bids worth ₦13.23 trillion, the CBN allotted only ₦7.49 trillion, representing about 57 per cent of total subscriptions.

The report also indicated a decline in short-term interest rates, with the stop rate on the 364-day Treasury Bill dropping to 15.80 per cent on October 28. Meanwhile, deposits by banks at the CBN’s Standing Deposit Facility rose above ₦8 trillion.

Commenting on the development, Chief Executive Officer of Globalview Capital Limited, Aruna Kebira, described the higher repayments as positive, saying they could help reduce the CBN’s outstanding obligations.

He also suggested that the move might partly be aimed at improving liquidity following substantial investments in the Dangote Refinery’s public offer.

However, Head of Financial Institutions Ratings at Agusto and Company, Olubunmi Ayokunle, cautioned against interpreting the repayments as an equivalent injection of funds into the domestic economy.

Ayokunle explained that a significant proportion of OMO securities are held by foreign investors, stressing that the actual liquidity impact would depend on the investors and the types of securities involved.

Nairametrics noted that the ₦3.20 trillion figure represents the difference between maturing securities and fresh allotments, rather than a complete measure of liquidity in the financial system.

It added that subsequent CBN auctions, government borrowing requirements and monetary policy decisions would determine whether the trend continues.