Treasury Bills (T.bills) with a total market value of N2.669 trillion were offered by the Debt Management Office (DMO) in March 2024.
The News Chronicle was able to view the FMDQ Markets Monthly Report for March, which included this information.
The sum denotes a month-over-month (MoM) rise of 3.07% (N79.54 billion) in the value of T-bills sold at auction in February 2024 (N2.589 trillion).
Similar to this, in March 2024 the DMO reopened the seven-year (7Y) and 10-year FGN bonds and auctioned FGN bonds valued at N608.86 billion (including N133.20 billion from non-competitive bids).
According to the report, the total amount sold reflects a 59.27% (₦886.05 billion) MoM decline from the amount sold in February 2024 (N1.494 trillion) throughout the 7Y and 10Y FGN bond maturities, and an oversubscription of 35.30% of the offered amount.
The CBN auctioned off open market operations (OMO) bills in the primary market for N1,056 trillion in March 2024.
Corporate bonds: As per the report, in March 2024, there were no newly listed non-sovereign bonds on the FMDQ Exchange.
“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,” according to the report.
In March 2024, the FMDQ Exchange quoted commercial papers (CPs) worth a total of N112.62 billion, an increase of 123.76% (or N62.29 billion) above the value of CPs quoted in February 2024, according to the report.
“Quoted CPs were issued by institutions in a variety of industries, including financial services (10), manufacturing (4), retail (2), health and pharmaceuticals (1), agriculture (1), technology (1), and chemical supply and oil field service (1). But N39.26 billion in CPs matured and were redeemed, which led to a 9.28% MoM increase (N73.36 billion) in the total outstanding amount to N864.11 billion in March 2024,” according to the statement.
The research states that the secondary market turnover on the FMDQ Exchange in March 2024 was N48.87 trillion, up 21.22% (or N8.55 trillion) on a month-over-month basis and 100.67% (or N24.51 trillion) on a year-over-year basis compared to February 2024 and March 2023, respectively.
Money market (MM) and foreign exchange (FX) transactions made up the majority of secondary market activity in March 2024, together accounting for 75.36% of the total secondary market turnover.
Spot foreign exchange (FX) market turnover in March 2024 was $12.61 billion (N19.29 trillion), as reported by The News Chronicles. This is a month-over-month (MoM) increase of 47.66% ($4.07 billion) over the February 2024 total of $8.54 billion.
The FMDQ Markets Monthly Report for March, which TNC viewed, included this information.
According to the report, the US dollar had a slight depreciation against the naira in the foreign currency market. The spot exchange rate ($/N) decreased by 0.06% ($/N0.97), closing at an average of $/N1,524.04 in March 2024, down from $/N1,525.01 in February 2024.
The naira traded within an exchange rate range of $/N1,300.43 – $/N1,627.40 in March 2024, according to the data, as opposed to the $/N1,418.78 – $/N1,665.50 reported in February 2024.
