The total value of commercial papers (CPs) quoted on FMDQ Securities Exchange in November 2023 hits ₦77.4 billion, representing a month-on-month (M/M) increase of 112 per cent (₦40.89 billion) from the value of CPs quoted in October 2023.
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According to the exchange, quoted CPs were issued by institutions from various sectors including financial services, manufacturing, agriculture, real estate, and health and pharmaceutical.

For non-sovereign bonds, the exchange listed issues worth ₦26 billion within the period, representing 13.04 per cent (₦3 billion) M/M increase from October 2023 listings.

It explained that the non-sovereign bonds listing emanated solely from a corporate issuer in the financial services sector.

As a result, the total outstanding value for non-sovereign bonds increased by 1.19 per cent (₦26 billion) M/M 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 valued at ₦1,058.91 billion across its auctions in November 2023, representing a 160.2 per cent (₦652 billion) M/M increase on the value of T-bills sold across its auctions in October 2023 (₦406.9 billion).

Similarly, the DMO sold FGN bonds worth ₦434.50 billion via the reopening of two 10-year, one 15-year, and one 30-year FGN bond in November 2023.

Further, FMDQ said the total sale represents 120.7 percent over-subscription of the amount offered and 15.9 per cent (₦59.7 billion) M/M increase on the amount sold in October 2023 (₦374.8 billion) for the same FGN bond maturities.

Also, in November 2023, the CBN sold OMO bills worth ₦250 billion, representing a 37.50 per cent (₦150 billion) M/M decrease on the value of OMO Bills sold across its auctions in October 2023 (₦400 billion).

On the derivatives market, total turnover in the foreign exchange derivatives market segment in November 2023 was $3.6 billion (₦2.98 trillion), representing a M/M increase of 129.03 per cent ($2.00 billion) from October 2023 figures.

FMDQ said the M/M increase in the FX derivatives turnover was solely driven by the 164.06 per cent ($2.10 billion) increase in FX swaps turnover, which offset the 5.6 per cent ($0.01 billion) decline in FX Forwards transactions while there was no activity across FX Futures transactions.

The exchange explained that the near-month contract (NGUS NOV 29, 2023) in the cleared naira-settled non-deliverable forwards market expired and open positions with a total Notional Value (NV) of $0.6 billion settled.

As a result, the cumulative NV of open cleared naira-settled non-deliverable forwards contracts decreased for the fifth consecutive month to $3.5 billion as at November 30, 2023.

This represents a M/M and Y/Y decrease of 14.6 per cent ($0.6 billion) and 11.91 per cent ($0.5 billion), respectively.
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