DMO sells treasury bills worth N2.669trn in March — Report
The Debt Management Office (DMO) sold Treasury Bills (T.bills) valued at N2.669 trillion across its auctions in March 2024.
This was contained in the FMDQ Markets Monthly Report for March seen by newsmen.
The amount represents a 3.07 percent (N79.54 billion) month-on-month (MoM) increase in the value of T-bills sold across auctions in February 2024 (N2.589 trillion).
Similarly, the DMO sold FGN Bonds worth N608.86 billion (inclusive of N133.20 billion non-competitive bids) via the issuance of a new three-year as well as the re-opening of a seven-year (7Y) and 10-year FGN bonds in March 2024.
The report noted that the total sale represents a 35.30 percent oversubscription of the amount offered and a 59.27 percent (N886.05 billion) MoM decrease on the amount sold in February 2024 (N1.494 trillion) across the 7Y and 10Y FGN bond maturities.
In March 2024, the CBN sold open market operations (OMO) bills worth N1,056 trillion at auction in the primary market.
According to the report, there were no new listings of non-sovereign bonds on the FMDQ Exchange in March 2024.
“However, Corporate bonds worth N15.00 billion matured and were redeemed resulting in a 0.68 percent (N15.00 billion) MoM decrease in the value of Non-Sovereign Bonds outstanding to N2.194 trillion in March 2024,” it said.
The report stated that the total value of commercial papers (CPs) quoted on the FMDQ Exchange in March 2024 was N112.62 billion, representing a MoM increase of 123.76 percent (N62.29 billion) from the value of CPs quoted in February 2024.
“Quoted CPs were issued by institutions from various sectors including Financial Services (10), Manufacturing (4), Retail (2), Health & Pharmaceuticals (1), Agriculture (1), Technology (1), and Chemical Supply & Oil Field Service (1). However, N39.26 billion CPs matured and were redeemed resulting in a 9.28 percent (N73.36 billion) MoM increase in the total outstanding value to N864.11 billion in March 2024,” it said.
…Secondary market turnover
According to the report, secondary market turnover on FMDQ Exchange in March 2024 was N48.87 trillion, representing a MoM and YoY increase of 21.22 percent (N8.55 trillion) and 100.67 percent (24.51 trillion) from February 2024 and March 2023 figures, respectively.
Foreign exchange (FX) and money market (MM) transactions dominated secondary market activity, jointly accounting for 75.36 percent of the total secondary market turnover in March 2024.
