The Central Bank of Nigeria (CBN) conducted an Open Market Operations (OMO) auction on October 6, 2026, withdrawing approximately N3.31 trillion from the banking system. With N2.17 trillion in OMO bills maturing simultaneously, the apex bank achieved a net liquidity withdrawal of N1.14 trillion. Despite the maturity inflows, overnight lending rates rose by 25 basis points to 22.2%, indicating tighter liquidity conditions. Investors heavily favored the 182-day instrument, which accounted for over 80% of total sales, suggesting a preference for longer-tenor assets even at lower yields. This action aligns with the CBN’s ongoing strategy of maintaining monetary tightening via liquidity sterilization following the recent reduction in the Monetary Policy Rate to 23%.