The Central Bank of Nigeria (CBN) plans to auction a N610.08 billion worth of treasury bill as the United Kingdom Office for National Statistics is expected to release the country’s consumer price index (CPI) following the unexpected fall to 1.7 percent in September.
Monday, November 18
DMO to auction N120 billion FGN bonds
The Debt Management Office will be issuing three tranches of FGN bonds worth N120 billion today.
The issuance includes the reopening of a five-year N60 billion bond alongside reopenings of a seven-year bond, valued at N60 billion.
At the last auction in August, DMO sold N289.60 billion across the two bonds offered with the marginal rates of the longest tenure at 21.74 percent.
It sold more than double its offer on its longest tenure (reopened seven-year bond) in the October FGN bond auction.
The N120 billion FGN bonds offered across three tranches on Monday are the lowest auctioned this year, down from N300 billion offered last month.
Analysts said that the reduced offer size signalled a possible reduction in government borrowing.
The DMO is set to issue between N80- N100 billion at every auction in the fourth quarter of 2024.
Nigeria’s total debt stock rose in the first quarter (H1) of 2023 to N121.67 trillion, from N97.34 trillion as of December 2023, according to data from the Debt Management Office (DMO).
Read also: MPC rate pause on the cards as DMO auctions N150bn FGN bonds
Wednesday, November 20
CBN to auction N610.08 billion Treasury Bills
The Central Bank of Nigeria will be auctioning treasury bills worth N610.08 billion on Wednesday.
It will be auctioning N41.89 billion for a 91-day tenor, N28.45 billion for the 182-day tenor, and N487.23 billion for the 364-day tenor.
At the last auction, CBN rolled over a total of N374.67 billion across the 91-, 182-, and 364-day tenors and sold only N540.45 billion.
A total of N626.33 billion worth of T-bills was sold, higher than the N513.43 billion maturing bills rolled over by the Central Bank of Nigeria (CBN) on Wednesday, November 6.
The yield on the one-year T-bills increased to 29.87 percent from 26.02 percent, the highest on record.
The shorter treasury bills saw minimal interest from investors. Only N13.99 billion of the N20.74 billion 91-day bill was sold.
Similarly, the 182-day bill got only N3.40 billion allotment, despite a N5.43 billion offer.
Yields on the 182-day and 91-day bills increased for the first time in three auctions to 20.39 percent and 18.86 percent, respectively.
The CBN plans to issue N2.20 trillion in treasury bills during the fourth quarter of 2024, matching the amount set to mature from September to November this year.
The amount to be offered in Q4 is 41.03 percent higher than N1.56 trillion issued in the preceding (third) quarter of 2024.
UK to publish inflation rate
The United Kingdom Office for National Statistics will on Wednesday release the country’s consumer price index (CPI) for October after it unexpectedly fell to 1.7 percent in the year to September, the lowest rate in three-and-a-half years.
The nation’s inflation rate is well within the Bank of England’s 2 percent, paving the way for further interest rate cuts.
Lower airfares and petrol prices were the main drivers behind the surprise slowdown, official figures showed.
The drop in the UK’s inflation led to officials cutting key interest rates by 25 basis points from 5 percent to 4.75 percent at the monetary policy meeting in November.
Andrew Bailey, governor of the BoE, said rates were likely to continue to fall gradually from here ”but cautioned they could not be cut “too quickly or by too much.”
Read also: Petrol landing cost edges up to N977/litre
NBS to release average prices for diesel, petrol
The National Bureau of Statistics (NBS) is expected to release the price watch for petrol and diesel on Wednesday.
The price of Premium Motor Spirit (PMS), commonly known as petrol, crossed the N1,000 mark for the first time, recording a 24.08 percent increase in September when compared to the figure in August.
The NBS report shows that the average price of petrol during the period stood at N1,030.46, indicating a 64.55 percent increase compared to the N626.21 recorded in September 2023.
This is just as there was a 4.27 percent increase in the price of automotive gas oil (diesel), with prices going from N854.32 in August to an average of N890.80.
When compared with the corresponding month of last year, diesel prices saw a year-on-year increase of 12.77 percent, rising from a lower cost of N789.90 per litre in the corresponding month of the previous year to a higher cost of N890.80 per litre in September 2023.
Friday, November 22, 2024
NBS to publish selected food price watch
The National Bureau of Statistics (NBS) will release Nigeria’s food-selected price watch for October on Friday.
According to the NBS, prices of essential food items, including beans, eggs, bread, rice, and tomatoes, experienced significant increases in September 2024.
The report said that the average price of 1 kg of brown beans increased by 281.97 percent from N716.97 recorded in September 2023 to N2,738.59.
It added that the average price of medium-sized Agric eggs (12 pieces) increased by 137.43 percent on a year-on-year basis from N1,047.47 recorded in September 2023 to N2,487.04.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
