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 Nairametrics.
The amount represents a 3.07% % (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% oversubscription of the amount offered and a 59.27% (₦886.05 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 auction in the primary market.
Corporate bonds: 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% (N15.00 billion) MoM decrease in the value of Non-Sovereign Bonds outstanding to N2.194 trillion in March 2024,” it said.
Commercial papers
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% (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% (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% (N8.55 trillion) and 100.67% (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% of the total secondary market turnover in March 2024.
Nairametrics reported that Spot foreign exchange (FX) market turnover in March 2024 stood at $12.61 billion (N19.29 trillion), representing a month-on-month (MoM) increase of 47.66% ($4.07 billion) from what was recorded in February 2024 ($8.54 billion).
This was contained in the FMDQ Markets Monthly Report for March seen by Nairametrics
The report noted that in the FX market, the US dollar marginally depreciated against the naira, with the spot exchange rate ($/N) decreasing by 0.06% ($/N0.97) to close at an average of $/N1,524.04 in March 2024 from $/N1,525.01 recorded in Feb. 2024.
The report said exchange rate volatility increased in March 2024 as the maira traded within an exchange rate range of $/N1,300.43 – $/N1,627.40 compared to $/N1,418.78 – $/N1,665.50 recorded in February 2024.
