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How to Bet on the Kentucky Derby in Kentucky – KT Sports Betting 2025

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The 2025 Kentucky Derby takes place on Saturday 3 May and here is how you can bet on the horses from Kentucky. In the article below, we introduce you to the best US offshore betting sites, including our top favorite sportsbook, BETWHALE

Best Kentucky Sports Betting Sites for the Kentucky Derby

Here are the 5 top Kentucky Derby 2025 offshore betting sites to use when placing a bet on the big race on Saturday 3 May. You will find a detailed review of each of those sites.

  1. BetWhaleNewer racebook with $1,250 welcome offer
  2. BetOnline$250 sign-up offer for Kentucky Derby
  3. BUSRHorse racing specialist racebook with $1,000 in bonuses
  4. Bovada$750 bonus for horse racing betting
  5. BetNow200% deposit joining offer for Kentucky Derby

How to Bet on the Kentucky Derby in Kentucky

Place bets on the 2025 Kentucky Derby in three simple steps.

  1. Open a BetWhale account
  2. Deposit up to $1,000 (Get 125% bonus up to $1,250)
  3. Place your 2025 Kentucky Derby bets

Kentucky Sports Betting Latest – Can I Bet on the Kentucky Derby in Kentucky?

Yes, you can bet on horse racing at the track in Kentucky or via some apps (TVG and TwinSpires), however, it’s ‘pools betting only’.

In 2023, the state legalized sports betting in the home of the Kentucky Derby but the bad news is their sportsbooks don’t do horse racing.

FanDuel bought over TVG and so they have an app – however, many bettors still prefer to use the offshore sportsbooks and racebooks.

Why? This is because these have more markets, top bonuses, fixed odds, offers and better prices than even the track – which is all possible as they have lower overall margins.

Most of the best Kentucky offshore racebooks we recommend on this page also have over 20 years of operating online via offshore licenses – so are perfectly safe, legal and secure to bet with in Kentucky, or ANY US state.

Plus there are no KYC checks on sign-up – which means opening a new account to placing your 2024 Kentucky Derby bets can be done in a few moments.

The 5 Top Kentucky Derby Sports Betting Sites Reviewed

1. BetWhale (125% Deposit Bonus, up to $1,250)

BetWhale is our top-ranked sportsbook if you want to bet on the 2025 Kentucky Derby in Kentucky.

Their extensive horse racing offering is one of the best around and despite being one of the newer betting sites – don’t let this put you off as they are already the go-to site for thousands of punters.

BetWhale are based offshore, so any set US State betting rules don’t apply to them – meaning their customers can bet ANYWHERE across America.

Plus, being a newer betting site means that most won’t have taken up their generous welcome offer – which is a 125% deposit bonus of up to $1,250.

Why Join BetWhale for Horse Racing?

  • Newer Racebook Generous Welcome Offer To Claim
  • Existing Customer Free Bets and Offers
  • Competitive Horse Racing Odds

Sign up with BetWhale Now!

2. BetOnline (50% Deposit Bonus, up to $250)


BetOnline is another top option for those looking to bet on the 2025 Kentucky Derby in Kentucky – the home of the first leg of the US Triple Crown.

Being based offshore – like all the featured sportsbooks on this page – means customers can use BetOnline to bet in ANY US State – as they don’t abide by any set state gambling rules.

There is also a $250 free bet offer in place for new joiners with their 50% opening deposit bonus. While horse racing fans can also cash-in on their 9% daily horse racing rebate too and $25 risk-free bet to look out for.

At BetOnline players have a wide range of payment options too, including Bitcoin, and should you find the big Churchill Downs winner on Saturday they also have quick payouts on withdrawals.

Why Join BetOnline for Horse Racing?

  • Competitive Odds & $250 Sign-Up Offer
  • $25 Horse Racing Risk-Free Bet
  • 9% Daily Horse Racing Rebate
  • Many Horse Racing Bets Supported (Inc, Win, Place, Show, Exacta & Trifecta)

Sign up with BetOnline Now!

3. BUSR (100% Deposit Bonus, up to $1,000)

BUSR means ‘Bet US Racing’, and has been in operation since 2014 and has always had horse racing at the forefront of its business – making it another popular pick for many wanting to bet on the 2025 Kentucky Derby if living in Kentucky.

Users are rewarded with competitive fixed odds betting on all the main horse racing markets that include win, place, show, plus the popular exacta and trifecta bets.

BUSR will also offer new players up to $1,000 in free bets with their opening 20% deposit bonus – which can be used on the 2025 Kentucky Derby.

Then, once signed-up there is a daily 10% horse racing rebate to look out for as well as a $100 money back special on certain races for 2nds and 3rds.

Why Join BUSR for Horse Racing?

  • Dedicated Offshore Horse Racing Site
  • 10% Horse Racing Rebates (Daily)
  • Moneyback Special Offers

Sign up with BUSR Now!

4. Bovada (75% Deposit Bonus, up to $750)

You can also learn how to bet on the Kentucky Derby 2025 with Bovada, who have been supplying their customers with the best horse racing odds since 2011.

They have a dedicated racebook section which makes betting on the 2025 Kentucky Derby markets easier—including popular win, place, and show options—and even allow users to bet online without SSN, adding convenience and privacy to the experience.

There is a $750 free bet to claim too for new joiners of this trusted site with their 75% deposit welcome bonus. Therefore, to max-out the full amount you will need to deposit $1,000 (but smaller amounts still qualify for this offer).

Why Join Bovada for Horse Racing?

  • Rewards Loyalty Program & Refer a Friend Bonus
  • Competitive Horse Racing Betting Odds
  • Wide Range Of Horse Racing Bets Supported

Sign up with Bovada Now!

5. BetNow (Up To 200% Deposit Bonus)

BetNow is the last of our best Kentucky Derby betting sites according to businessinsider.com to use ahead of this Saturday’s big Churchill Downs race – with a deposit bonus of up to 200% to claim on opening deposits.

  • 200% deposit bonus – up to $200
  • 150% deposit bonus – up to $225
  • 100% deposit bonus – up to $500

Having started in 2005, BetNow are a well-established name in the world of US sports betting, so it’s no shock that thousands of US horse racing predictor fans turn to them to wager on the Kentucky Derby each year.

In addition to their competitive welcome offer, once joined horse racing bettors can also take advantage of their 10% horse racing rebate offer, plus they even have a 200% cash bonus for referring a friend.

Why Join BetNow for Horse Racing?

  • 10% Horse Racing Rebate (Weekly)
  • Reup Bonuses (up to 30%)
  • Competitive Horse Racing Odds
  • Bet in ANY US State

Sign up with BetNow Now!

Kentucky Derby Odds 2025

Listed below are the latest odds with our top US offshore betting site BetWhale, where this season’s Santa Anita Derby winning horse Journalism tops the market.

This Michael McCarthy-trained 3 year-old will be looking to give the barn their first ‘Run For The Roses’ win and could become the first Kentucky Derby winning favorite since Justify in 2018.

Next best in the market is the Florida Derby runner-up Sovereignty and this season’s Arkansas Derby hero Sandman, who has been handed the dreaded gate 17 – where no winner is yet to come from – is also prominent in the market.

On a plus for Sandman he’ll be looking to take a similar path to last year’s Kentucky Derby winner Mystik Dan, who was third in that Oaklawn Park race before landing the 2024 ‘Run For The Roses’ 

Japan, who came close with Forever Young in 2024 (3rd), also look to have a leading chance with Luxor Cafe. He’s been handed gate 7 and comes here off the back of a facile win in the Fukuryu Stakes.

  • Win Bet: You horse must win the race
  • Place Bet: Your horse must finish in the first two
  • Show Bet: Your horse must finish in the first three
  • Trifecta: Pick the first three horses in the correct order (this can also be permed)

2025 Kentucky Derby Runners, Post Positions and Betting Odds

  • 1 Citizen Bull 20-1
  • 2 Neoequos 30-1
  • 3 Final Gambit 30-1
  • 4 Rodriguez 12-1
  • 5 American Promise 30-1
  • 6 Admire Daytona 30-1
  • 7 Luxor Cafe 15-1
  • 8 Journalism 3-1
  • 9 Burnham Square 12-1
  • 10 Grande 20-1
  • 11 Flying Mohawk 30-1
  • 12 East Avenue 20-1
  • 13 Publisher 20-1
  • 14 Tiztastic 20-1
  • 15 Render Judgement 30-1
  • 16 Coal Battle 30-1
  • 17 Sandman 6-1
  • 18 Sovereignty 5-1
  • 19 Chunk of Gold 30-1
  • 20 Owen Almighty 30-1

Note: Odds are subject to change

Circle’s In-Principle approval (IPA) Approval in Abu Dhabi Enhances USDC Global Reach

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Circle, the issuer of the USDC stablecoin, has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a money services provider in the UAE, announced on April 29, 2025. This is not a full license but a significant step toward obtaining a Financial Services Permission (FSP), allowing Circle to offer regulated financial services in the region. The approval follows Circle’s incorporation of a legal entity in ADGM in December 2024, aiming to expand its presence in the Middle East and Africa.

USDC, with a circulating supply of $62 billion (up 40% in 2025), is the second-largest stablecoin, backed by US dollar reserves. Circle’s CEO, Jeremy Allaire, stated that the approval aligns with the UAE’s push for innovation in digital finance and strengthens Circle’s commitment to global stablecoin oversight, trust, and compliance. Circle also partnered with Hub71, Abu Dhabi’s tech ecosystem, to foster fintech innovation through ADGM’s digital regulatory sandbox, providing startups with resources and mentorship.

This move builds on Circle’s global expansion, including compliance with the EU’s MiCA regulations in 2024 and USDC trading approval in Japan in March 2025. The UAE’s crypto-friendly regulations and projected $254.3 million crypto market by 2025 make it a strategic hub for Circle’s operations. The in-principle approval (IPA) for Circle to operate as a money services provider in Abu Dhabi Global Market (ADGM) carries several implications for Circle, the UAE, and the broader stablecoin and fintech ecosystem.

The approval positions Circle to tap into the UAE’s growing crypto market, projected to reach $254.3 million by 2025, and expand USDC adoption in the Middle East and Africa. This strengthens USDC’s global footprint as the second-largest stablecoin. Establishing a legal entity in ADGM makes Abu Dhabi a strategic base for Circle’s operations, potentially attracting more institutional and retail users in a crypto-friendly jurisdiction.

Regulatory Legitimacy and Trust

Circle’s alignment with ADGM’s stringent regulations enhances its reputation as a compliant stablecoin issuer, especially after navigating the EU’s MiCA framework and Japan’s approvals. This could set a precedent for stablecoin oversight in the region. Regulated status in a reputable financial hub like ADGM may boost confidence among investors and partners, reinforcing USDC’s stability and reliability compared to competitors.

Circle’s partnership with Hub71 and participation in ADGM’s digital regulatory sandbox will drive fintech innovation, supporting startups and fostering blockchain-based financial solutions in the UAE. The UAE’s crypto-friendly policies, combined with Circle’s presence, could attract more blockchain firms, contributing to economic diversification and positioning Abu Dhabi as a global digital finance hub.

Circle’s regulatory milestones in the UAE, EU, and Japan give it a competitive advantage over other stablecoin issuers like Tether (USDT), especially in regions prioritizing compliance. USDC’s regulated presence in the UAE could accelerate its use in cross-border transactions and remittances, leveraging the UAE’s role as a global trade hub. While the IPA is a step forward, obtaining the full Financial Services Permission (FSP) requires ongoing compliance with ADGM’s rigorous standards, which could delay or complicate operations.

The crypto market’s volatility and potential regulatory shifts in other jurisdictions could impact USDC’s growth trajectory in the region. Circle’s regulated operations could encourage traditional financial institutions in the UAE to integrate USDC for payments, settlements, or DeFi applications, bridging traditional and decentralized finance.

The UAE’s progressive stance may inspire other Middle Eastern countries to adopt similar crypto-friendly frameworks, expanding the regional market for stablecoins. Circle’s IPA in Abu Dhabi enhances USDC’s global reach, strengthens the UAE’s position as a fintech leader, and intensifies stablecoin competition, while navigating regulatory and market challenges.

SpacePay Is Gearing Up to Be the Next Big Crypto: Here’s Why It’s Gaining So Much Attention

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SpacePay is starting to draw attention based on its offerings. The project has raised more than $1 million during its presale based on the hype around it and its practical approach to making crypto payments as easy as using a debit card.

That’s a big deal in a space that often feels confusing and technical for the average person.

SpacePay is basically a payment platform designed to make it easy for people and businesses to use crypto in real life. The project is based in London but has support from investors around the world.

The platform works with existing payment systems. Merchants don’t have to get new machines or change the way they do business. Instead, SpacePay uses a simple app that lets regular card machines accept crypto.

The platform works with many crypto wallets. Users can use MetaMask, Trust Wallet, Coinbase Wallet, and more than 320 others. You can walk into a store, scan a QR code, and pay just like you would with a bank card.

SpacePay supports many cryptos, including popular coins like Bitcoin and Ethereum. It also accepts stablecoins and others. This also allows people to pay with the coins they are most comfortable with without the usual crazy fees.

The idea is to make crypto spending as easy and familiar as traditional money, both for customers and merchants.

Solving the Real Problems That Hold Crypto Back

A lot of people like the idea of using crypto, but there are still some problems. One of the biggest issues is price volatility. If you pay for something in Bitcoin, the price might drop before the store gets their money.

That’s risky for businesses. But SpacePay solves that by locking in the price at the moment of the transaction. So, the business gets exactly what it expects, regardless of what the market is doing.

Another common issue is speed. Crypto payments can take time to confirm, sometimes even hours. That doesn’t work when you’re buying an everyday item like groceries. SpacePay gets around this by settling payments instantly. You scan, pay, and it’s done.

This kind of convenience is what could help crypto go mainstream. People want things to be simple, fast, and reliable. That’s exactly what SpacePay is trying to deliver.

The SPY Token: What It Is and Why It Matters

Every project needs a fuel source, and for SpacePay, that’s the SPY token. It’s the native token of the platform, and it plays an important role in how everything works. The total supply is 34 billion tokens, and a good chunk of that is being used in the public sale and to reward users.

SPY isn’t just something you buy and forget. It actually comes with benefits. Holders can earn passive income, help vote on key platform decisions, and even get early access to features. There’s also a system that gives loyal users airdrops every month. So, the more you participate in the ecosystem, the more rewards you can earn.

It’s also worth mentioning that because SPY is tied directly to how SpacePay operates, it has real utility. This isn’t just another token for trading—it’s part of a payment system that people could use every day.

Why the Presale Buzz Is Just the Beginning

Raising over $1 million in a presale is no small feat, especially in a market full of noise. SpacePay’s early success also stands out because of its early success.

The team already has a working version of the platform. They’re securing IP rights, meeting regulatory requirements, and setting the stage for global use.

In fact, the platform has already picked up some recognition, winning the “New Payment Platform of the Year” award at the CorporateLiveWire Global Awards. That kind of early validation gives people more confidence that SpacePay isn’t just talk.

This is a project built for the real world, and that’s what makes it exciting. If it catches on, SpacePay could completely change the way people use crypto. It could turn it into something you actually spend, not just hold.

For businesses, this opens up a whole new group of potential customers. And for everyday users, it’s a smoother, more familiar way to use digital assets without dealing with all the usual crypto headaches.

How to Buy SPY in the Ongoing Presale

Being part of the presale gives you a chance to get involved early, possibly at a better price, and puts you in a position to benefit as the project grows. It also lets you be part of a community that’s focused on making crypto useful in everyday life.

Many are joining the SpacePay community before the launch. All they have had to do is create a crypto wallet like MetaMask or Trust Wallet. Visit the SpacePay presale website and connect your wallet directly. The interface makes it easy to buy SPY using various cryptocurrencies like ETH, USDT, BNB, or even with a regular bank card if needed.

Once your wallet is connected and funded, you just choose how much you want to spend, confirm the swap, and the tokens will be allocated to you. The transaction is smooth and quick, just like the platform aims to be.

 

JOIN THE SPACEPAY (SPY) PRESALE NOW 

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MoonPay’s Relocation to New York City Aligns With Growing Market Demand and Regulatory Clarity

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MoonPay, a leading crypto payments company, has relocated its U.S. headquarters to New York City, opening a 5,000+ square-foot office in Manhattan’s SoHo neighborhood. This move marks MoonPay’s largest U.S. office to date and serves as a hub for its growing U.S. workforce, which comprises nearly 20% of its global employees. The relocation from Miami aligns with New York’s status as a finance and tech hub, joining other crypto firms like Coinbase and Gemini.

MoonPay’s expansion follows a strong financial performance, with Q1 2025 being its most successful quarter, driven by a booming crypto market. The move also reflects strategic positioning amid increasing U.S. regulatory clarity for cryptocurrencies.

The crypto market has experienced significant growth in 2025, with Bitcoin reaching new all-time highs, trading between $90,000 and $103,000, and a market cap exceeding $2 trillion. The total crypto market cap has surpassed $3.5 trillion, reflecting a 70-100% increase year-over-year. Institutional adoption, with firms like BlackRock and Fidelity expanding crypto ETF offerings (e.g., spot Bitcoin and Ethereum ETFs).

Macroeconomic factors, including U.S. interest rate cuts and a pro-crypto stance from the Trump administration, boosting investor confidence. Increased retail participation, fueled by user-friendly platforms like MoonPay, which reported its strongest quarter in Q1 2025.

MoonPay’s move to NYC aligns with this bullish market, positioning the company in a financial hub to capitalize on institutional and retail demand for crypto payment infrastructure. The U.S. is advancing toward clearer cryptocurrency regulations, with bipartisan support for frameworks like the Financial Innovation and Technology for the 21st Century Act (FIT21). The SEC and CFTC are collaborating to define crypto as a distinct asset class.

Political shifts, including pro-crypto policies under the Trump administration, encouraging innovation while addressing fraud. States like New York maintaining strict but navigable regulations (e.g., BitLicense), attracting firms like MoonPay, Coinbase, and Gemini to establish headquarters there. Regulatory progress reduces operational risks for crypto firms, making NYC an attractive base for MoonPay to engage with regulators and financial institutions.

Institutional interest in crypto is surging, with banks, hedge funds, and corporations integrating blockchain and digital assets. Tokenization of real-world assets (RWAs) like real estate and bonds is gaining traction, with $10 billion in tokenized assets by mid-2025. Stablecoin adoption, with companies like Tether and Circle (USDC) processing $1 trillion in annual transactions, boosting demand for payment gateways like MoonPay.

Mainstream financial integration, with PayPal, Visa, and Mastercard expanding crypto services. MoonPay’s relocation to NYC positions it near Wall Street, facilitating partnerships with banks and fintechs integrating crypto payments. DeFi protocols and Web3 applications (e.g., gaming, NFTs, and social platforms) are driving crypto adoption. DeFi’s total value locked (TVL) exceeds $200 billion, while Web3 projects attract venture capital.

Improved blockchain scalability (e.g., Ethereum’s layer-2 solutions, Solana’s high throughput). Consumer demand for decentralized services, with MoonPay enabling fiat-to-crypto on-ramps for DeFi and NFT platforms. MoonPay’s NYC hub supports its role as a bridge between fiat and Web3 ecosystems, catering to developers and users in a tech-forward city.

Stablecoins dominate crypto transaction volume, with over 60% of on-chain payments. Companies like MoonPay facilitate seamless fiat-to-stablecoin conversions for remittances, e-commerce, and cross-border payments. Global demand for low-cost, fast transactions, especially in emerging markets. Integration of stablecoins into traditional finance, with MoonPay powering payments for platforms like OpenSea and Binance.

MoonPay’s NYC presence strengthens its ability to serve enterprise clients and expand stablecoin-based payment solutions. Blockchain scalability and interoperability are improving, with layer-2 solutions (e.g., Arbitrum, Optimism) reducing transaction costs by 90% compared to Ethereum’s mainnet. Cross-chain bridges and modular blockchains (e.g., Polkadot, Cosmos) enhance ecosystem connectivity.

Rising transaction volumes, necessitating faster and cheaper networks. AI integration in crypto trading and analytics, boosting market efficiency. MoonPay benefits from scalable blockchains, enabling faster fiat-to-crypto conversions, with NYC’s tech ecosystem fostering innovation. While the U.S. leads in institutional crypto adoption, Asia (e.g., Hong Kong, Singapore) and Europe (e.g., EU’s MiCA framework) are advancing retail and regulatory frameworks. Emerging markets drive crypto remittances and microtransactions.

Varying regulatory approaches, with the U.S. catching up to global standards. Economic instability in some regions, increasing crypto’s appeal as a store of value. MoonPay’s NYC headquarters positions it to coordinate U.S. operations while maintaining global reach, leveraging New York’s international finance networks.

Despite growth, the crypto market remains volatile, with 20-30% price swings common. Risks include regulatory uncertainty, cybersecurity threats (e.g., $2 billion in hacks in 2024), and macroeconomic shifts. Speculative trading and leverage in crypto markets. Geopolitical tensions impacting global risk assets. MoonPay’s focus on compliance and security (e.g., SOC 2 certification) mitigates risks, with NYC’s regulatory environment supporting robust operations.

MoonPay’s relocation to New York City aligns with these trends by: NYC’s proximity to Wall Street and fintech hubs enables MoonPay to secure partnerships and serve institutional clients. Operating in a regulated state like New York ensures compliance while influencing U.S. crypto policy. The bullish market and MoonPay’s Q1 2025 success justify expanding U.S. operations to meet rising demand for crypto payments.

NYC’s tech ecosystem supports MoonPay’s Web3 and stablecoin initiatives, driving product development. The crypto market in 2025 is characterized by robust growth, institutional adoption, regulatory progress, and technological innovation, tempered by volatility and risks. MoonPay’s strategic move to NYC positions it to leverage these trends, strengthening its role as a leading fiat-to-crypto gateway in a maturing industry.

Investors Pour N1tn into CBN’s OMO Bills as Liquidity Surge, Inflation Expectations Drive Hunt for Yield

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The Central Bank of Nigeria (CBN) raised a total of N804.85 billion in its latest Open Market Operations (OMO) auction held on Monday, April 29, 2025, as investor appetite for high-yield, risk-free securities remained undeterred in the face of surging inflation and persistent excess liquidity.

The auction, which saw total subscriptions hit N1.057 trillion, was oversubscribed by 111 percent — a slight decline from the record N1.391 trillion bid during the previous auction on April 25. Then, the apex bank raised N1.008 trillion after offering two N500 billion instruments.

In this latest round, the CBN floated two long-tenor bills, a 329-day and a 350-day, with equal offers of N250 billion each. But the market made its preference clear: the 350-day paper attracted the lion’s share of attention, receiving a massive N923.60 billion in bids, over three times the offer, compared to the modest N133.25 billion bid for the 329-day paper.

The longer-tenor bill, maturing on April 14, 2026, was allotted N698.60 billion at a stop rate of 22.73 percent, with bids ranging between 22.4990 percent and 22.9700 percent. The shorter 329-day note, set to mature on March 24, 2026, was allotted N106.25 billion at a slightly lower stop rate of 22.69 percent.

The difference in investor behavior underlines growing expectations that Nigeria’s tight monetary stance, marked by historically high interest rates and an aggressive cash reserve ratio, is likely to persist, at least in the near term. This reflects market consensus that inflationary pressures are far from easing and that the CBN will maintain its hawkish posture to stabilize the naira and prevent capital flight.

Investors Betting on Prolonged Tight Monetary Conditions

The sustained demand for long-dated OMO bills underscores two critical trends: limited attractive investment alternatives amid global uncertainty, and a domestic macroeconomic environment defined by expanding money supply, weak fiscal buffers, and rising inflation.

According to the CBN’s own Money and Credit Statistics, Nigeria’s broad money supply (M3) rose by 3.2 percent in March to N114.22 trillion and has surged by 24 percent year-on-year. Net foreign assets have risen sharply by 38.9 percent to N45.17 trillion, indicating improved capital inflows and some buildup in external reserves. However, net domestic assets fell 11.7 percent to N69.05 trillion, suggesting continued fragility in domestic credit expansion.

In an attempt to rein in liquidity, the apex bank has kept the Cash Reserve Ratio at an unprecedented 50 percent, the highest globally, while the benchmark interest rate remains at a lofty 27.75 percent. But these measures have struggled to tame liquidity growth, let alone inflation.

Inflation climbed to 24.23 percent in March 2025, up from 23.18 percent in February. Month-on-month inflation rose 3.90 percent — the steepest jump this year — fueled by relentless food price hikes, higher transport costs, and the pass-through from currency depreciation. The real economy is feeling the squeeze, and the average Nigerian is left reeling from eroded purchasing power.

CBN’s Dilemma: Mopping Up Liquidity Without Choking Growth

The CBN’s increasing reliance on OMO auctions is not just a liquidity management tool; it has become a signal of policy intent. These frequent bill issuances serve as a brake on speculative activity in the currency market and help set a floor for short-term interest rates.

However, economists caution that the aggressive sterilization through OMO sales, while helping to manage inflation in the short term, may complicate broader monetary transmission and slow credit creation needed for growth. With banks locking up liquidity in government securities rather than lending to the private sector, the risk of crowding out productive investments looms large.

The asymmetric interest in the 350-day paper, compared to the weaker appetite for the 329-day note, also reflects how finely investors are calibrating duration in anticipation of future rate movements. There’s little optimism that inflation will ease significantly in the near term, so locking in longer-term returns is seen as a safer bet.

Macro-Policy Crossroads

This flurry of debt issuance comes amid broader questions about the sustainability of Nigeria’s policy framework. While the CBN has stepped up efforts to clean up excess liquidity and restore investor confidence, inflation remains stubborn, and fiscal pressures are rising.

The federal government’s growing reliance on domestic borrowing, alongside increased monetary sterilization by the CBN, may keep interest rates elevated for longer than anticipated. With global yields also on the rise, Nigeria faces the double-edged sword of needing to offer even higher returns to attract capital while also managing the cost of borrowing.

Many believe that the absence of coordinated fiscal discipline is undermining monetary tightening. The rising public debt stock and continued government spending, including large recurrent expenditures, threaten to dilute the CBN’s efforts to anchor inflation expectations.