Nigeria’s financial system is projected to obtain N13.79tn in liquidity inflows in November 2026, as the Central Bank of Nigeria (CBN) moderates its Open Market Operations (OMO) interventions, probably easing strain on banks and fixed-income buyers.
The projected inflows symbolize a 2.16 per cent enhance from the N13.50tn recorded in October, reflecting increased maturities of presidency securities, Federation Account Allocation Committee (FAAC) disbursements and coupon funds.
According to the Financial Markets Dealers Association (FMDA) in its October 2026 market report, whole anticipated inflows stand at N13.787tn, in contrast with N13.495tn within the previous month, representing a rise of roughly N292bn.
The projection comes amid a big enchancment in banking system liquidity, which elevated by 56.75 per cent to N7.373tn in October from N4.703tn in September, following a moderation within the CBN’s liquidity absorption actions.
OMO maturities are anticipated to present the biggest contribution to November’s projected inflows, accounting for N8.927tn, or roughly 64.75 per cent of the full.
FAAC allocations are projected at N2.50tn, representing 18.13 per cent, whereas Treasury Bills maturities are anticipated to contribute N1.919tn, equal to 13.92 per cent.
Together, these three sources will account for roughly 96.8 per cent of the anticipated liquidity inflows.
Other anticipated inflows embody N323.154bn in Federal Government bond coupon funds, N68.032bn in company bond coupons and N50.016bn from business paper maturities.
The report additionally identifies a $105.94m Eurobond coupon cost due in November, though that is excluded from the naira liquidity projection.
A notable growth is the projected 46.49 per cent enhance in Treasury Bills maturities to N1.919tn from N1.310tn in October, representing an extra N609bn getting into the financial system.
OMO maturities, nevertheless, are anticipated to decline by 1.37 per cent, whereas Federal Government bond coupon funds are projected to fall by 49.08 per cent.
The liquidity outlook follows a shift within the CBN’s method to financial operations.
According to the FMDA, the apex financial institution allotted N6.182tn in contemporary OMO securities towards N9.051tn in maturities throughout October. This left a web compensation distinction of roughly N2.87tn, indicating that extra funds matured than had been absorbed by new issuances.
This contrasts with September, when the CBN offered roughly N17.51tn in OMO securities towards maturities of N10.89tn, leading to a web liquidity withdrawal of about N6.62tn.
The diminished tempo of liquidity absorption in the direction of the tip of October contributed to increased banking system balances, with the CBN additionally lowering allotments at its last OMO public sale of the month.
For banks and fixed-income buyers, the anticipated inflows may enhance accessible funds for lending and funding in short-term securities, significantly if the CBN continues to keep selective allotments at its OMO auctions.
However, the extra liquidity doesn’t robotically translate into equal will increase in funds accessible to banks, as authorities money actions, contemporary securities issuance and reinvestment selections will affect the precise affect.
The FMDA famous that interbank funding charges remained comparatively secure throughout October. The Nigeria Overnight Financing Rate closed unchanged at 20 per cent, whereas the in a single day charge declined marginally by 5 foundation factors to 20.38 per cent.
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