The Central Bank of Nigeria (CBN) intensified liquidity management in April 2026, issuing a record N9.71 trillion in open market operation (OMO) bills (up N2.09 trillion (27.37%) from March) to mop up excess cash and support foreign-exchange market stability.
The effort coincided with a 1.42% appreciation of the naira (N), which strengthened by N19.67 to an average spot rate of N1,361.51/$ in April, while exchange-rate volatility narrowed to a band of N1,341.01/$–N1,389/$ (down from N1,345/$–N1,425/$ in March).
Market observers have attributed the stabilization to the CBN’s tight liquidity stance and high OMO yields, which attracted portfolio flows into fixed-income assets and improved dollar availability. Analysts from Cordros Capital, Cowry Asset Management and Comercio Partners noted that the CBN’s aggressive sterilization, higher OMO rates and better FX-market transparency have helped restore investor confidence and reduce speculative pressure. Though they however, cautioned that lasting stability hinges on stronger, steadier FX inflows from oil, remittances and foreign direct investment.
