Nigeria’s DMO sells N2.669trn treasury bills in March

Nigeria’s Debt Management Office, DMO, sold treasury bills valued at N2.669 trillion across its auctions in March 2024.
FMDQ disclosed this in its recent Markets Monthly Report for March.

The amount represents a 3.07 per cent (N79.54 billion) month-on-month (MoM) increase in the value of treasury bills sold across auctions in February 2024 (N2.589 trillion).

Also, the DMO sold FGN bonds worth N608.86 billion (inclusive of N133.20 billion in non-competitive bids) via the issuance of a new three-year as well as the re-opening of seven-year and 10-year FGN bonds in March 2024.

The report noted that the total sale represents a 35.30 per cent oversubscription of the amount offered and a 59.27 per cent (N886.05 billion) MoM decrease on the amount sold in February 2024 (N1.494 trillion) across the seven and 10-year FGN bond maturities.

In March 2024, CBN sold open market operations bills worth N1,056 trillion 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 billion matured and were redeemed, resulting in a 0.68 per cent (N15.00 billion) MoM decrease in the value of non-sovereign bonds outstanding to N2.194 trillion in March 2024,” it said.

The report added 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 per cent (N62.29 billion) from the value of CPs quoted in February 2024.

“Institutions issued quoted CPs from various sectors, including financial services (10), manufacturing (4), retail (2), health and pharmaceuticals (1), agriculture (1), technology (1), and chemical supply and oil field service (1). However, N39.26 billion CPs matured and were redeemed, resulting in a 9.28 per cent (N73.36 billion) MoM increase in the total outstanding value to N864.11 billion in March 2024,” the report stated.