The Debt Administration Workplace (DMO) offered T.payments valued at N406.10 billion throughout its auctions in July 2023.
This was contained within the FMDQ Markets Month-to-month Report for July seen by Nairametrics.
The quantity represents 0.39% (N1.59 billion) Month-on-month (MoM). A rise within the worth of T-bills offered throughout its auctions in June 2023 (N404.51 billion).
Equally, the DMO reopened two (2) 10Y, one (1) 15Y and one (1) 30Y FGN Bonds value N657.84 billion in July 2023.
The report famous that the whole sale represented a 182.73% oversubscription of the quantity provided, and a 39.03% (N184.68 billion) MoM enhance on the quantity offered in June 2023 (N473.16 billion) for a similar FGN Bond maturities.
FMDQ famous that the CBN didn’t conduct any public OMO Payments auctions in July 2023.
In accordance with the report, there have been no company bonds listed on the FMDQ Change in July 2023 in comparison with N17.50 billion value of company bonds listed in June 2023.
- “In consequence, the whole excellent worth for company bonds remained unchanged at N1,757.95 billion within the evaluate month,” it mentioned.
The report said that the whole worth of Industrial Papers (CPs) quoted on the FMDQ Change in July 2023 was N117.32 billion, representing a MoM enhance of 42.85% (N35.19 billion) from the worth of CPs quoted in June 2023.
- “Quoted CPs have been issued by establishments from numerous sectors together with Monetary Providers (5), Manufacturing (4), Actual Property (3), Agriculture (2), Chemical Provide & Oil Area Providers (2), Commodities Buying and selling (1), Public Sector (1), Telecommunications (1) and Client Staples (1).
- In consequence, the whole excellent worth of CPs elevated MoM by 14.10% (N117.32 billion) to N949.26 billion,” it mentioned.
Secondary market turnover:
In accordance with the report, secondary market turnover on the FMDQ Change in July 2023 was N19.92 trillion, representing a MoM lower of 8.37% (1.82 trillion) and a YoY enhance of 0.81% (N0.16 trillion) from June 2023 and July 2022 figures, respectively.
It famous that Overseas Change (FX), Cash Market (MM), and CBN Payments transactions dominated secondary market exercise, accounting for 73.98% of the whole secondary market turnover in July 2023.
- “Whole spot market turnover for all merchandise traded within the secondary market was N18.47 trillion in July 2023, representing a MoM enhance of three.68% (N0.66 trillion) from June 2023 figures.
- The MoM enhance in whole spot market turnover was pushed by an enchancment in turnover throughout MM and FI transactions which elevated MoM by 16.35% (N0.90 trillion) and 12.16% (N0.91 trillion), respectively, regardless of the MoM decline in FX transactions by 24.34% (N1.16 trillion).
- The uptick in MM turnover was pushed by a rise in Repos/Buybacks, offsetting the MoM decline in Unsecured Placement/Takings transactions. Likewise, the advance in FI turnover was pushed by a MoM enhance throughout all FI merchandise, excluding CBN Particular Payments and FGN Bonds which decreased within the evaluate interval,” the report famous.
In accordance with the report, Spot FX market turnover was N3.61 trillion ($4.66 billion) in July 2023, representing a MoM lower of 24.34% (N1.16 trillion) from the turnover recorded in June 2023 (N4.77 trillion).
- “Within the FX Market, the US Greenback appreciated towards the Naira, with the spot trade fee ($/₦) growing by 22.94% ($/N143.60) to shut at a median of $/N769.51 in July 2023 from $/N625.90 recorded in June 2023.
- Additional, trade fee volatility decreased in July 2023 because the Naira traded inside an trade fee vary of $/N740.08 – $/N803.90 in comparison with $/N464.67 – $/N770.38 recorded in June 2023,” the report mentioned.
Mounted Revenue: The report said that the (FI) market turnover was N8.43 trillion in July 2023, representing a MoM enhance of 12.16% (N0.91 trillion) from the turnover recorded in June 2023 (N7.52 trillion).
- “The MoM enhance within the FI market turnover was pushed by the 52.55% (N0.94 trillion), 63.75% (N0.98 trillion), and 402.37% (N0.03 trillion) uptick in turnover throughout T.Payments, OMO Payments,
- Different Bonds which offset the MoM lower in CBN Particular Payments and FGN Bonds transactions by 57.36% (N1.00 trillion) and 1.24% (N0.03 trillion), respectively,” the report famous.