In March 2024, Debt Management Office (DMO) sold treasury bills valued at N2.669 trillion, marking a 3.07 percent increase from the previous month’s sales.
This data, revealed by FMDQ in its Markets Monthly Report, signifies a substantial activity in the country’s debt market.
Additionally, the DMO issued FGN bonds totalling N608.86 billion, inclusive of N133.20 billion in non-competitive bids. Despite an oversubscription of 35.30 percent, there was a 59.27 percent decrease in the amount sold compared to February 2024.
The Central Bank of Nigeria (CBN) also made significant strides, selling open market operations bills worth N1.056 trillion in the primary market during the same period. However, non-sovereign bonds saw no new listings, with corporate bonds worth N15 billion maturing and being redeemed.
Meanwhile, the total value of commercial papers quoted on the FMDQ Exchange surged by 123.76 percent, reaching N112.62 billion.
This increase was driven by various sectors, including financial services, manufacturing, retail, and technology. Despite some maturing commercial papers (CPs), the total outstanding value rose by 9.28 percent to N864.11 billion in March 2024.
