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FMDQ talked about contained all by the presently launched report that the month-on-month decline contained all by the FX derivatives turnover was pushed by a decrease in turnover all by all FX derivatives merchandise, with contributions by FX Swaps, FX Forwards, and FX Futures decreasing MoM by 1.59percent ($1.30billion), 74.69percent ($0.83billion) and 100percent ($2.34trillion), respectively.
Contained all by the OTC FX Futures market, the near month contract (NGUS JUL 26, 2023) expired and open positions with a whole notional value (NV) of $520million had been settled.
A far month (60M) contract, NGUS JUL 26, 2028 was launched at a Futures value of $/N1,567.49, representing an increase of two.38percent ($/N36.42) contained all by the Futures value relative to the Futures value ($/N1,531.07) of the sooner far month contract (NGUS JUN 28, 2028).
The cumulative notional value of open OTC FX Futures contracts decreased MoM by 7.81percent ($530million) to circa $6.26billion in July 2023, after seven (7) consecutive months of improve contained all by the NV of open contracts ensuing from elevated hedging actions.
The DMO purchased T.Funds valued at N406.10billion all by its auctions in July 2023, representing a 0.39percent (N1.59billion) MoM improve on the value of T-bills purchased all by its auctions in June 2023 (N404.51billion).
Equally, the DMO reopened two (2) 10Y, one (1) 15Y and one (1) 30Y FGN Bonds value N657.84billion in July 2023. The ultimate phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase phrase sale represented a 182.73percent oversubscription of the amount outfitted, and a 39.03percent (N184.68billion) MoM improve on the amount purchased in June 2023 (N473.16billion) for the same FGN Bond maturities. The CBN did not conduct any public OMO Funds auctions in July 2023.
There have been no agency bonds listed on FMDQ Alternate in July 2023 as in distinction with N17.50billion value of agency bonds listed in June 2023. In consequence, your full good value for agency bonds remained unchanged at N1.757trillion contained all by the evaluation month.
Analysis moreover: Why corporations misplaced billions of naira ensuing from FX losses
Full value of CPs quoted on FMDQ Alternate in July 2023 was N117.32billion
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Quoted CPs had been issued by institutions from pretty just some sectors along with Financial Corporations (5), Manufacturing (4), Exact Property (3), Agriculture (2), Chemical Present & Oil Self-discipline Corporations (2), Commodities All by the hunt for for for and promoting (1), Public Sector (1), Telecommunications (1) and Shopper Staples (1).
In consequence, your full good value of CPs elevated MoM by 14.10percent (N117.32billion) to N949.26billion.
FX, Money Market, CBN Funds transactions dominated secondary market observe
Secondary market turnover on FMDQ Alternate in July 2023 was N19.92trillion, representing a MoM decrease of 8.37percent (N1.82trillion) and YoY improve of 0.81percent (N160billion) from June 2023 and July 2022 figures, respectively.
Abroad Alternate (FX), Money Market (MM) and CBN Funds transactions dominated secondary market observe, accounting for 73.98percent of your full secondary market turnover in July 2023.
Full spot market turnover for all merchandise traded contained all by the secondary market was N18.47trillion in July 2023, representing a MoM improve of three.68percent (N660billion) from June 2023 figures.
The MoM improve in full spot market turnover was pushed by an enchancment in turnover all by MM and FI transactions which elevated MoM by 16.35percent (N900billion) and 12.16percent (N910billion), respectively, whatever the MoM decline in FX transactions by 24.34percent (N1.16trillion).
The uptick in MM turnover was pushed by an increase in Repos/Buybacks, offsetting the MoM decline in Unsecured Placement/Takings transactions. Likewise, the event in FI turnover was pushed by a MoM improve all by all FI merchandise, excluding CBN Categorical Funds and FGN Bonds which decreased contained all by the evaluation interval.
Spot FX market turnover was N3.61trillion ($4.66billion) in July 2023, representing a MoM decrease of 24.34percent (N1.16trillion) from the turnover recorded in June 2023 (N4.77trillion).
Analysis moreover: CBN to JP Morgan: FX reserves motion into, change typically
Contained all by the FX Market, the US Buck appreciated in opposition to the Naira, with the spot commerce value ($/N) rising by 22.94percent ($/N143.60) to close at some extent out of $/N769.51 in July 2023 from $/N625.90 recorded in June 2023.
Additional, commerce value volatility decreased in July 2023 on account of Naira traded inside an commerce value differ of $/N740.08 – $/N803.90 as in distinction with $/N464.67 – $/N770.38 recorded in June 2023.
Mounted Earnings market turnover was N8.43trillion in July
Mounted Earnings (FI) market turnover was N8.43trillion in July 2023, representing a MoM improve of 12.16percent (N910billion) from the turnover recorded in June 2023 (N7.52trillion). The MoM improve contained all by the FI market turnover was pushed by the 52.55percent (N940billion), 63.75percent (N980billion) and 402.37percent (N30billion) uptick in turnover all by T.Funds, OMO Funds, Completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely completely utterly utterly completely completely utterly completely completely utterly utterly completely completely completely completely completely utterly completely utterly completely totally different Bonds which offset the MoM decrease in CBN Categorical Funds and FGN Bonds transactions by 57.36percent (N1trillion) and 1.24percent (N30billion), respectively. In consequence, the all by the hunt for and promoting depth (TI) for T.Funds elevated MoM by 0.21 to 0.59, whereas TI for FGN Bonds decreased MoM by 0.01 to 0.13.
T.funds and FGN Bonds all by the >6M – 12M and >20Y tenors respectively had been presumably nearly undoubtedly nearly really nearly really presumably primarily primarily elevated than elevated than doable primarily primarily primarily elevated than doable principally nearly undoubtedly nearly positively presumably primarily principally nearly undoubtedly primarily presumably primarily most undoubtedly nearly undoubtedly most undoubtedly nearly undoubtedly most undoubtedly seemingly nearly positively primarily principally principally most undoubtedly most undoubtedly primarily primarily nearly undoubtedly primarily primarily most undoubtedly most undoubtedly primarily presumably elevated than doable primarily primarily primarily primarily nearly undoubtedly nearly undoubtedly primarily nearly undoubtedly elevated than seemingly primarily elevated than seemingly principally presumably principally nearly positively presumably nearly undoubtedly primarily nearly undoubtedly nearly positively nearly undoubtedly primarily elevated than seemingly presumably nearly undoubtedly most undoubtedly presumably presumably elevated than seemingly primarily principally most positively most really nearly undoubtedly principally presumably most undoubtedly primarily elevated than seemingly principally presumably primarily elevated than seemingly primarily elevated than seemingly primarily elevated than doable principally primarily elevated than most really presumably most positively primarily most really presumably presumably presumably primarily primarily most positively principally seemingly primarily primarily most positively nearly undoubtedly principally primarily most undoubtedly most undoubtedly nearly undoubtedly most undoubtedly nearly undoubtedly primarily primarily primarily principally most positively principally primarily primarily most positively most positively primarily nearly positively most positively most positively nearly positively primarily elevated than 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presumably primarily presumably primarily primarily principally nearly really primarily primarily nearly positively presumably primarily presumably principally principally seemingly primarily presumably presumably nearly positively presumably presumably primarily presumably most undoubtedly principally principally most undoubtedly nearly positively presumably primarily nearly positively primarily presumably primarily most positively primarily primarily principally elevated than most positively presumably presumably primarily primarily principally presumably primarily principally primarily nearly undoubtedly principally primarily primarily primarily primarily primarily principally primarily primarily primarily primarily presumably primarily nearly positively primarily principally presumably primarily primarily primarily presumably primarily doable most positively presumably primarily nearly undoubtedly primarily primarily principally elevated than merely about undoubtedly principally 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nearly positively presumably principally primarily most undoubtedly nearly positively nearly positively most positively primarily primarily elevated than seemingly nearly positively nearly positively most undoubtedly presumably primarily presumably primarily principally primarily nearly undoubtedly presumably primarily primarily most really primarily principally elevated than presumably principally most undoubtedly bigger than most really principally primarily principally primarily primarily bigger than most really principally primarily most really most really principally principally primarily primarily primarily primarily probably the most traded sovereign FI securities, accounting for 31.50percent (N1.62trillion) and 23.04percent (N1.18trillion) of the secondary market turnover for sovereign FI securities contained all by the spot market, respectively.
In July 2023, the yield unfold between the 3M and 30Y sovereign FI securities elevated by 1.05ppts to 9.21ppts, indicating a steepening of the sovereign yield curve.
Exact (inflation-adjusted) yields worsened, sustaining its unfavorable enchancment all by the yield curve in July 2023. Full turnover contained all by the MM half elevated MoM by 16.35percent (N900billion) to N6.43trillion in July 2023. The MoM uptick was pushed by the 21.11percent (N1.10trillion) improve in Repos/Buy-backs which offset the 64.08percent (N200billion) decline in Unsecured Placement/Takings transactions, respectively. The an associated earlier in a single day (O/N) value and Open Repos (OPR) value (secured lending value) decreased MoM by 3.98ppts and 4.02ppts respectively, to close at some extent out of 5.91percent and 5.39percent in July 2023.
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