Following the surprise decline to 1.7% in September, the UK Office for National Statistics is anticipated to announce the nation’s consumer price index (CPI), the Central Bank of Nigeria (CBN) intends to auction an N610.08 billion treasury bill.
Monday, November 18
DMO Will Auction FGN Bonds Of N120 Billion
Three tranches of FGN bonds totalling N120 billion will be issued today by the Debt Management Office.
Along with the reopening of a seven-year bond worth N60 billion, the issuance also involves the reopening of a five-year bond for N60 billion.
DMO sold N289.60 billion worth of the two bonds with the longest duration and the marginal rates of 21.74% at the most recent auction in August.
In the October FGN bond auction, it sold more than twice as much as it had offered on the longest tenure (a reopened seven-year bond).
Compared to the N300 billion issued last month, the N120 billion FGN notes offered in three tranches on Monday are the lowest auctioned this year.
The smaller offer size, according to analysts, suggested a potential cutback in government borrowing.
In the fourth quarter of 2024, the DMO plans to release between N80 and N100 billion at each auction.
Nigeria’s overall debt stock increased from N97.34 trillion as of December 2023 to N121.67 trillion in the first quarter (H1) of 2023, according to figures from the Debt Management Office (DMO).
Wednesday, November 20
CBN Will Auction Treasury Bills Worth N610.08 Billion
Treasury bills valued at N610.08 billion will be put up for auction by the Central Bank of Nigeria on Wednesday.
A 91-day tenor will fetch N41.89 billion, a 182-day tenor will fetch N28.45 billion, and a 364-day tenor will fetch N487.23 billion at auction.
CBN sold only N540.45 billion at the most recent auction, rolling over a total of N374.67 billion across the 91-, 182-, and 364-day tenors.
T-bill sales totalled N626.33 billion, which was more than the N513.43 billion maturing bills that the Central Bank of Nigeria (CBN) rolled over on Wednesday, November 6.
From 26.02 % to 29.87 % , the yield on the one-year T-bills reached its highest level ever.
Investor interest in the shorter treasury bills was low. Out of the N20.74 billion 91-day bill, only N13.99 billion was sold.
Similarly, despite a promise of N5.43 billion, the 182-day bill only received N3.40 billion.
For the first time in three auctions, the yields on the 182-day and 91-day notes rose to 20.39 % and 18.86 % , respectively.
In order to match the amount scheduled to mature between September and November of this year, the CBN intends to issue N2.20 trillion in treasury bills in the fourth quarter of 2024.
Compared to the N1.56 trillion issued in the previous (third) quarter of 2024, the amount to be given in Q4 is 41.03 % higher.
UK To Reveal The Inflation Rate
Following an unexpected decline to 1.7 % in the year ending in September – the lowest rate in three and a half years – the UK Office for National Statistics is scheduled to issue the country’s October consumer price index (CPI) on Wednesday.
More interest rate reductions are possible because the country’s inflation rate is substantially below the Bank of England’s target of 2%.
According to official estimates, the unexpected downturn was mostly caused by lower petrol and travel prices.
At the November monetary policy meeting, authorities lowered benchmark interest rates by 25 basis points, from 5% to 4.75 % , in response to the decline in UK inflation.
The BoE’s governor, Andrew Bailey, stated that rates will probably continue to decline gradually from this point on, but he issued a warning that they could not be lowered “too quickly or by too much.”
NBS Will Publish Average Fuel And Petrol Prices
On Wednesday, the National Bureau of Statistics (NBS) is anticipated to publish the fuel and diesel price watch.
For the first time, the price of Premium Motor Spirit (PMS), also referred to as petrol, surpassed N1,000. In September, the price increased by 24.08 % over August.
According to the NBS report, the average price of petrol during this time was N1,030.46, which represents a 64.55 % increase over the N626.21 price that was reported in September 2023.
At the same time, the price of automobile petrol oil (diesel) increased by 4.27 %, from N854.32 in August to an average of N890.80.
In September 2023, diesel prices increased 12.77 % year over year from a lower price of N789.90 per litre in the same month the previous year to a higher price of N890.80 per litre during the same month the previous year.
Friday, November 22, 2024
NBS Will Release A Few Food Price Watches
Nigeria’s October food-selected price watch will be made public by the National Bureau of Statistics (NBS) on Friday.
The NBS reports that in September 2024, the cost of staple foods such as bread, rice, tomatoes, eggs, and beans increased significantly.
According to the research, the average cost of one kilogramme of brown beans rose from N716.97 in September 2023 to N2,738.59, a 281.97% rise.
Additionally, it stated that the average cost of twelve medium-sized Agric eggs rose by 137.43% from N1,047.47 in September 2023 to N2,487.04 on an annual basis.
