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.
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.
