The Central Bank of Nigeria has reversed a seven-year restriction that barred local investors from participating in Open Market Operations, opening the market to individuals, companies and non-bank financial institutions.
In a circular dated August 12, 2026, and signed by Okey Umeano, acting director of the Financial Markets Department, the CBN said OMO participation in both primary and secondary markets is now available to all eligible investors through deposit money banks. The banks will continue to submit bids and settle transactions on behalf of their customers.
The restriction, introduced in 2019, had been aimed at easing pressure on the naira, channelling more credit to the real sector and helping lower interest rates.
The apex bank also removed limits on access to its Discount Window that had applied to participants in the Nigerian Foreign Exchange Market and in primary auctions of government securities. It further lifted the suspension of tenored repo operations, which can now be conducted for approved tenors of between four and 90 days.
The CBN said the changes follow a review of market practices and developments in the foreign exchange, money and fixed-income markets. The measures are intended to support effective liquidity management, improve money market functioning and strengthen monetary policy implementation.
The bank retains full discretion over the volume, tenor and frequency of OMO issuances according to prevailing liquidity conditions and policy objectives. The single-bid auction structure remains unchanged. The revised framework takes effect immediately, with all banks, authorised dealers and market participants required to comply.
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