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Editorial Focus: CBN’s Tight Grip Signals Investor Confidence, Policy Resolve The Central Bank of Nigeria has begun 2026 with a clear message to markets: monetary discipline remains non-negotiable. The strong N2.7 trillion subscription recorded at its first Open Market Operations auction reflects not just surplus liquidity, but growing investor confidence in the CBN’s policy direction. Notably, demand was heavily skewed toward the longer 210-day bills, suggesting that investors are comfortable locking funds away for longer periods in exchange for stability and attractive real returns. By fully allotting the longer tenor and maintaining stop rates around 19.4 per cent, the CBN has reinforced its commitment to tight monetary conditions as a buffer against inflationary pressures and currency volatility. This approach supports naira stability while signalling policy consistency—an element investors value deeply in uncertain economic times. However, sustained reliance on OMO instruments underscores the need for complementary fiscal discipline and structural reforms. Monetary tightening alone cannot deliver long-term growth, but for now, the CBN appears firmly in control of liquidity and market expectations.