Nigeria's central bank pulled 4.72 trillion naira in two days
Nigeria's central bank sold 4.72 trillion naira on 26-27 August as bids reached 8.62 trillion naira against 2 trillion on offer, with stop rates between 19.32 per cent and 19.90 per cent. In the same week Moody's turned the outlook positive and affirmed the B3 rating. Heavy demand for yield is pulling liquidity even as a stronger external position supports the credit view.
Economics & Markets··Midday
Open market demand ran more than four times the offer
Open market operations run by the Central Bank of Nigeria on 26 and 27 August drew 8.62 trillion naira of bids against 2 trillion naira on offer. The bank sold 4.72 trillion naira in total, with stop rates between 19.32 per cent and 19.90 per cent. On 26 August a 97-day bill drew 783.49 billion naira of bids and 613 billion naira was allotted at a stop rate of 19.90 per cent. The same day a 132-day bill attracted 3.478 trillion naira, of which 2.183 trillion naira was allotted at 19.65 per cent.[1]
27 August sales stayed selective
On 27 August a 96-day bill drew 1.067 trillion naira but only 160.46 billion naira was sold, at 19.85 per cent. A 152-day bill took 1.768 trillion naira of the 3.294 trillion naira bid, with the rate easing to 19.32 per cent. The two-day operation shows a week in which the bank kept draining liquidity while holding rates high.[1]
Moody's turned the outlook positive
Moody's Ratings changed Nigeria's outlook to positive from stable on 28 August while affirming the long-term B3 rating, pointing to a stronger external position, current account surpluses and growth that came in above its own forecast. The agency puts the current account surplus at 5.1 per cent of gross domestic product in 2025 and expects 6.1 per cent in 2026. Gross reserves excluding gold, special drawing rights and the country's International Monetary Fund position rose to 44.4 billion dollars in June 2026 from 31.2 billion dollars a year earlier.[2]
