Investors submitted bids worth ₦6.1tn for Open Market Operation bills offered by the Central Bank of Nigeria, as demand remained strong at the latest auction.

The CBN had offered OMO bills valued at ₦1tn across 68-day, 152-day and 180-day instruments, but subscriptions exceeded the amount available by more than six times.

The apex bank eventually allotted ₦2.3tn to successful bidders. No allocation was made on the 68-day instrument, while the 152-day and 180-day bills recorded stop rates of 17.29 per cent and 16.99 per cent respectively.

The strong demand comes after the CBN recently reduced its benchmark interest rate from 26.5 per cent to 23 per cent. Analysts say investors may be seeking to lock in relatively attractive yields before market rates decline further.

The OMO sale also helped to absorb liquidity from the banking system, while about ₦2.43tn in OMO maturities and another ₦164bn in bond coupon payments are expected to enter the financial system this week.