The Central Bank of Nigeria (CBN) has removed restrictions that prevented financial institutions participating in the Nigerian Foreign Exchange Market (NFEM) and primary auctions of government securities from accessing its Discount Window.
The apex bank revised Open Market Operations (OMO) rules, by restoring tenored repurchase operations with maturities of four to 90 days and expanded access to securities to individuals, corporates and non-bank financial institutions.
The changes are contained in a circular dated August 12, 2026, titled Review of Discount Window Restrictions and Open Market Operations Participation Framework, signed by Okey Umeano, Acting Director of the Financial Markets Department.
“The existing restriction on participation in OMO auctions by institutions accessing the Discount Window on the same day shall remain in force.
“The volume, tenor and frequency of OMO issuances shall continue to be determined by the CBN in line with prevailing liquidity conditions and monetary policy objectives,” the circular stated. OMO auctions will also continue under the existing single-bid auction structure.
