The entire value of commercial papers (CPs) quoted on the FMDQ Securities Exchange in November 2023 is 77.4 billion, a 112 percent (40.89 billion) increase from the value of CPs quoted in October 2023.
Listed CPs were issued by institutions from a variety of industries, including financial services, manufacturing, agricultural, real estate, and health and pharmaceutical.
The exchange-listed non-sovereign bonds worth 26 billion during the period, marking a 13.04 percent (3 billion) M/M growth from October 2023 listings.
It explained that the listing of non-sovereign bonds came primarily from a business issuer in the financial services industry.
As a result, the total outstanding value of non-sovereign bonds climbed by 1.19 percent (26 billion) month over month, rising from 2,187.9 billion in October 2023 to 2,213.9 billion in the review month.
On treasury bills, the Debt Management Office (DMO) sold T-bills for $1,058.91 billion in November 2023 auctions, marking a 160.2 percent (652 billion) M/M increase over the value of T-bills sold in October 2023 auctions (406.9 billion).
Similarly, the DMO raised $434.50 billion in FGN bonds by reopening two 10-year, one 15-year, and one 30-year FGN bond in November 2023.
Additionally, according to FMDQ, the overall sale amounts to a 12.7% over-subscription of the offered amount and a 15.9% M/M increase (₦59.7 billion) over the amount sold in October 2023 (₦374.8 billion) for the same FGN bond maturities.
Furthermore, the CBN sold ₦250 billion worth of OMO bills in November 2023, which is a 37.50 percent M/M decline (₦150 billion) from the ₦400 billion worth of OMO bills sold across its auctions in October 2023.
November 2023 had a total turnover of $3.6 billion (₦2.98 trillion) in the foreign exchange derivatives market segment on the derivatives market. This is a month-over-month increase of 129.03 percent ($2.00 billion) over October 2023 numbers.
According to FMDQ, the 164.06 percent ($2.10 billion) increase in FX swap turnover was the only factor contributing to the M/M increase in FX derivatives turnover. This gain was greater than the 5.6% ($0.01 billion) reduction in FX Forwards transactions, which was compensated by the lack of activity in FX Futures transactions.
The clearinghouse disclosed that open positions with a total Notional Value (NV) of $0.6 billion settled and that the near-month contract (NGUS NOV 29, 2023) in the cleared naira-settled non-deliverable futures market expired.
Consequently, as of November 30, 2023, the cumulative net value (NV) of open cleared naira-settled non-deliverable futures contracts fell for the fifth consecutive month to $3.5 billion.
This amounts to a 14.6% M/M and 11.9% Y/Y reduction ($0.6 billion and $0.5 billion, respectively).
