Despite their fundamental similarity as short-term government debt instruments, Open Market Operations (OMO) bills consistently trade at different yield levels compared to Nigerian Treasury Bills (NTBs).
This variation, a subject of ongoing discussion among market analysts, stems from a key regulatory distinction: access to primary OMO auctions remains limited to commercial banks and foreign investors, a policy introduced several years ago.
OMO bills have its own unique identity, separate from other securities or instruments in the money market. They are strictly issued by CBN for liquidity management to achieve price stability.