{"id":7660,"date":"2026-11-03T13:00:53","date_gmt":"2026-11-03T13:00:53","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/03\/fmda-projects-n13-79-trillion-inflows-in-november-as-cbn-eases-omo-mop-up\/"},"modified":"2026-11-03T13:00:53","modified_gmt":"2026-11-03T13:00:53","slug":"fmda-projects-n13-79-trillion-inflows-in-november-as-cbn-eases-omo-mop-up","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/03\/fmda-projects-n13-79-trillion-inflows-in-november-as-cbn-eases-omo-mop-up\/","title":{"rendered":"FMDA projects N13.79 trillion inflows in November as CBN eases OMO mop-up"},"content":{"rendered":"<p>Nigeria\u2019s financial system is projected to receive approximately N13.79 trillion in liquidity inflows in November 2026, driven largely by Open Market Operations (OMO) maturities and government disbursements.<\/p>\n<p>According to the <a href=\"https:\/\/cdn.nairametrics.com\/wp-content\/uploads\/2026\/11\/FMDA_Research_Monthly_report_October_2026.pdf\">Financial Markets Dealers Association\u2019s (FMDA) October 2026 market report,<\/a> the projection represents a 2.16% increase from the N13.50 trillion recorded in October. The Association had<a href=\"https:\/\/nairametrics.com\/2026\/10\/05\/fmda-projects-nigerias-liquidity-inflows-to-fall-14-8-to-n13-25-trillion-in-october\/\"> projected N13.25 trillion liquidity inflows for October, 2026.<\/a><\/p>\n<p>The November liquidity outlook follows a moderation in the Central Bank of Nigeria\u2019s (CBN) liquidity mop-up operations, which coincided with a 56.75% increase in banking-system liquidity to N7.373 trillion in October from N4.703 trillion in September.<\/p>\n<h4><strong>OMO maturities drive November inflows:<\/strong><\/h4>\n<p>The FMDA projects total liquidity inflows of N13.787 trillion in November, compared with N13.495 trillion in October, representing an increase of approximately N292 billion.<\/p>\n<ul>\n<li>OMO maturities are expected to account for the largest share of inflows, with N8.927 trillion scheduled for repayment, equivalent to approximately 64.75% of the total.<\/li>\n<li>Federation Account Allocation Committee (FAAC) allocations are projected at N2.50 trillion, representing 18.13% of expected inflows.<\/li>\n<li>Treasury Bills maturities are estimated at N1.919 trillion, contributing approximately 13.92%.<\/li>\n<li>Federal Government bond coupon payments are projected at N323.154 billion, while corporate bond coupons are estimated at N68.032 billion.<\/li>\n<li>Commercial paper maturities are expected to contribute N50.016 billion to total inflows.<\/li>\n<li>Together, OMO maturities, FAAC allocations and Treasury Bills repayments are projected to account for approximately 96.8% of November\u2019s liquidity inflows.<\/li>\n<li>Treasury Bills maturities are expected to record the largest monthly increase, rising by 46.49%, or approximately N609 billion, from N1.310 trillion in October.<\/li>\n<li>In contrast, OMO maturities are projected to decline by 1.37%, while Federal Government bond coupon payments are expected to fall by 49.08%.<\/li>\n<li>Corporate bond coupon payments are projected to increase by 213.28%, although their contribution to overall inflows remains relatively small.<\/li>\n<\/ul>\n<p>The report also identifies a $105.94 million Eurobond coupon payment due in November, which is excluded from the naira liquidity projection.<\/p>\n<h4><strong>CBN OMO mop-up slows:<\/strong><\/h4>\n<p>The November projection follows a slowdown in the CBN\u2019s liquidity absorption operations during October, when banking-system liquidity increased by 56.75% to N7.373 trillion.<\/p>\n<p>According to the FMDA, the CBN allotted N6.182 trillion in fresh OMO securities against N9.051 trillion in maturities, leaving a net repayment difference of approximately N2.87 trillion before other liquidity movements.<\/p>\n<ul>\n<li>In September, the <a href=\"https:\/\/nairametrics.com\/2026\/10\/22\/cbn-offers-n2-trillion-omo-bills-as-banks-hold-n6-trillion-at-deposit-window\/\">CBN sold approximately N17.51 trillion in OMO securities<\/a> against N10.89 trillion in maturities, resulting in a net liquidity withdrawal of about N6.62 trillion.<\/li>\n<li>The shift became particularly evident towards the end of October, when the CBN reduced allotments at its final OMO auction.<\/li>\n<li>Treasury Bills auctions also recorded substantial unfilled subscriptions, reflecting selective acceptance of investor bids.<\/li>\n<li><a href=\"https:\/\/nairametrics.com\/2026\/10\/21\/nigerias-10-year-bond-yield-rises-as-us-and-african-benchmarks-decline\/\">Nairametrics previously reported that FMDA data showed banking-system liquidity rising by 69.39%<\/a> to N6.283 trillion in the week ended October 16.<\/li>\n<li>The reduced pace of liquidity absorption, alongside government allocations and maturing securities, helped sustain elevated banking-system balances.<\/li>\n<li>November\u2019s projected inflows also exceed the N10.53 trillion forecast in the association\u2019s May report by approximately 31%.<\/li>\n<\/ul>\n<p>For banks and fixed-income investors, the anticipated inflows could sustain demand for short-term securities if fresh OMO and Treasury Bills allotments remain below maturing obligations.<\/p>\n<p>However, the impact on yields will depend on the volume of new securities issued and the rates investors are willing to accept.<\/p>\n<h4><strong>November liquidity outlook faces risks:<\/strong><\/h4>\n<p>Despite the increase in banking-system liquidity, interbank funding rates remained relatively stable during October, the report indicated.<\/p>\n<ul>\n<li>The Nigeria Overnight Financing Rate (NOFR) closed unchanged at 20.00%, while the overnight rate declined by five basis points to 20.38%.<\/li>\n<li>The Monetary Policy Rate remained at 23.00% following the CBN\u2019s September 2026 decision to reduce it by 350 basis points.<\/li>\n<li>The next Monetary Policy Committee meeting is scheduled for November, making subsequent policy decisions relevant to liquidity conditions.<\/li>\n<li>The FMDA expects relatively comfortable liquidity conditions if the CBN maintains the selective auction allotments recorded towards the end of October.<\/li>\n<li>The association also cautioned banks to maintain adequate liquidity buffers because of the CBN\u2019s continued reliance on OMO auctions to manage excess funds.<\/li>\n<li>Although the projected N13.79 trillion represents substantial potential inflows, it does not automatically translate into an equivalent increase in banking-system liquidity.<\/li>\n<\/ul>\n<p>The eventual impact will depend on fresh securities issuance, government cash movements and the extent to which maturing obligations are reinvested.<\/p>\n<p>A return to aggressive OMO issuance could absorb a significant portion of the expected inflows, while continued selective allotments could sustain excess liquidity and place further downward pressure on short-term yields.<\/p>\n<p>Source: <\/p>\n<div class=\"nSourse\">Nairametrics<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s financial system is projected to receive approximately N13.79 trillion in liquidity inflows in November 2026, driven largely by Open Market Operations (OMO) maturities and government disbursements. According to the&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7660","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/7660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=7660"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/7660\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=7660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=7660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=7660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}