CENTRAL BANK OF NIGERIA

FINANCIAL MARKETS DEPARTMENT


Half Year Activity Report


TABLE OF CONTENTS


iii


iv


v


vi

LIST OF TABLES
Table 4.3 Sectoral Distribution of Transactions on the Nigerian Stock Exchange,

vii

Table 5.6 FGN Bonds Issued..............................................................................74-75
Table 5.7 Federal Government of Nigeria Bonds......................................................76-77
Table 5.8 Federal Government of Nigeria Bond Outstanding: Class of Holders ..................78-79
Table 5.9 Domestic Debt Charges.........................................................................80-81


viii

LIST OF FIGURES
Figure 3.5: Exchange Rate Premium between Inter-Bank & BDC, January – June, 2018 vs 2019 .. 26

BOX INFORMATION


ix

LIST OF ABBREVIATIONS
ACE- Advisory Committee of Experts
AIB- Africa International Bank
AMCON- Asset Management Corporation of Nigeria
AML/CFT- Anti-Money Laundering/Combating the Financing of Terrorism
ASI- All Share Index
BDC- Bureau-de-Change
BOF- Budget Office of the Federation
BOI- Bank of Industry
CBN- Central Bank of Nigeria
CGRS- Corporate Governance Rating System
CIFTS- CBN Inter-bank Funds Transfer System
CoG- Committee of Governors
CRR- Cash Reserve Ratio
DCS- Direct Cash Settlement
DMBs- Deposit Money Banks
DMO- Debt Management Office
EMDEs- Emerging Markets and Developing Economies

x

ETF- Exchange Traded Funds
FAAC- Federation Account Allocation Committee
FGN- Federal Government of Nigeria
FIRS- Federal Inland Revenue Service
FMD- Financial Markets Department
FMF- Federal Ministry of Finance
FRACE- Financial Regulation Advisory Council of Experts
FRN- Federal Republic of Nigeria
FRNTBs- Federal Republic of Nigeria Treasury Bonds
GDP- Gross Domestic Product
I&E- Investors' & Exporters' Window
ILF- Intraday Liquidity Facility
LAG- Liquidity Assessment Group
LR- Liquidity Ratio
MC- Market Capitalization
MPR- Monetary Policy Rate
MSMEs- Micro, Small and Medium Enterprises
NAICOM- National Insurance Commission

xi

NCS- Nigeria Customs Service
NDIC- Nigeria Deposit Insurance Corporation
NFIS- National Financial Inclusion Strategy
NIA- Nigerian Insurers Association
NIFIs-Non-Interest Financial Institutions
NIFI-PDC- Non-Interest Financial Institutions Products Development Committee
NIID- Nigeria Insurance Industry Database
NIMASA- Nigerian Maritime Administration and Safety Agency
NIRSAL- Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending
NNPC- Nigerian National Petroleum Corporation
NPA – Nigerian Ports Authority
NSE- Nigerian Stock Exchange
NSIA- Nigeria Sovereign Investment Authority
NTBs- Nigerian Treasury Bills
OAGF- Office of the Accountant General of the Federation
OBB – Open-Buy-Back
OPEC- Organization of the Petroleum Exporting Countries
OMO- Open Market Operations

xii

OTC- Over-the-Counter
PENCOM- Pension Commission
PMI- Purchasing Managers’ Index
PSV- Payments System Vision 2020
RDAS- Retail Dutch Auction System
SANEF- Shared Agent Network Expansion Facility
SDF- Standing Deposit Facility
SEC- Securities and Exchange Commission
SLF- Standing Lending Facility
SMEs- Small and Medium Enterprises
SRA- Statutory Revenue Allocation
USSD- Unstructured Supplementary Service Data
VAT- Value Added Tax


xiii

FOREWORD

Financial markets were influenced largely by global economic and socio-political
developments in the first half of 2019. In contrast to observed trends in the first half of
2018, growth in the global economy decelerated owing to the effects of trade tensions
between the two leading economies in the world - the United States of America and
People’s Republic of China, geo-political tensions in the Middle East, uncertainties
surrounding the exit of Britain from the European Union, and increased sanctions on
Iran, all of which impacted business confidence, investment decisions and the flow of
capital. Thus, global financial markets generally witnessed a decline in yields on riskfree securities, consistent with market outlook on growth.
In the domestic market, policy measures by the monetary and fiscal authorities were
aimed to sustain price stability and non-inflationary growth. Thus, the Monetary Policy
Committee voted to lower the Monetary Policy Rate (MPR), by 50 basis points from
14.00 per cent to 13.50 per cent, with the asymmetric corridor of +200/-500 basis points
retained in March 2019; while the Cash Reserve Requirement (CRR) and Liquidity
Ratio (LR) were retained at 22.50 and 30.00 per cent, respectively. Furthermore, the
monetary authority mandated the deposit money banks to ramp up credit to the real
sector of the economy and achieve a minimum loan to deposit ratio of 60 per cent.
This report therefore, presents the major developments in the Nigerian financial
markets in the first half of 2019 and measures taken by the Bank to enhance monetary
policy implementation for the achievement of set objectives.


Okwu Joseph Nnanna, Ph.D.
Deputy Governor, Economic Policy


xiv

PREFACE
The 2019 Half-Year Activity Report elucidates the Bank’s monetary policy measures
implemented by the Financial Markets Department in the money, fixed income and
foreign exchange markets to support the communication strategy of the Bank.
The Report therefore, has seven chapters. Chapter one provides an overview of the
global economy and the Nigerian financial market operations, while chapter two
discusses the operations in the domestic money market. Following these are chapter
three which focuses on developments in the foreign exchange market and chapter four
on the capital market. The Federal Government domestic debt activities are presented
in chapter five; stakeholder collaborations and related committee activities are detailed
in chapter six; while major developments in the Nigerian financial markets are
contained in chapter seven. The appendix contains the list of guidelines and circulars
issued in the first half of 2019 for regulatory purposes.
I hereby express my sincere gratitude to the Management of the Bank for its continued
support and commend the staff of the Department for their service, dedication to duty
and commitment towards achieving the Bank’s objectives with a high sense of
professionalism.

Angela O. Sere-Ejembi, Ph.D
Director, Financial Markets Department

1.0 OVERVIEW
1.1 Global Economy
Global economic activity remained weak against the backdrop of the trade war between
the United States (US) and the People’s Republic of China, and the political tension
between the US and Iran on nuclear disarmament. The heightened tension contributed
to a decline in business confidence, tight financial conditions, and subdued investment
across major economies which further reduced the growth momentum. Consequently,
global economic growth was forecasted to decline to 3.3 per cent in 2019, from an
earlier projection of 3.5 per cent. In spite of the weak performance observed in the first
half of 2019, global growth has been projected to strengthen in the second half of 2019
owing to anticipated policy accommodation by major advanced economies including
the Euro area, United Kingdom, Japan, as well as Emerging Markets and Developing
Economies (EMDEs)1.
Amidst geo-political tensions in the Middle East, global crude oil prices (Brent and
Bonny Light) which stood at $60.84 and $63.59 per barrel, respectively, at end-January
2019, trended upwards to $66.31 and $66.77 per barrel, respectively, at end-June 20192.
This reflected the impact of crude oil supply shortages occasioned by US sanctions on
Iran and Venezuela, and production cuts by the Organization of the Petroleum

1
2

Exporting Countries (OPEC) and some non-OPEC members to shore up crude oil
prices.
In the review period, advanced economies recorded mixed performances. In the US,
the real Gross Domestic Product (GDP) growth rate was 3.10 per cent in the first
quarter of 2019 compared with 2.20 per cent in the corresponding quarter of 2018. The
gains were driven largely by strong consumer and government spending and
improvements in exports. At end-June 2019, the real GDP declined to 2.10 per cent,
compared to the 3.50 per cent rate at end-June 2018, owing largely to weak exports.
The US inflation for June 2019 stood at 1.60 per cent, a sharp decline from 2.90 per
cent at end-June 2018, due largely to the fall in energy costs and food prices.
In view of the declining output growth in the last two quarters of 2018, the U.S. Federal
Reserve adopted a dovish stance on interest rate policy in January 2019 to shore up the
economy. However, financial markets operators viewed the policy stance as a new
round of easing, prompting investors to take short positions against the US dollar and
seek higher yields in emerging markets.
In the United Kingdom (UK), the real GDP growth rate stood at 0.50 per cent in the
first quarter of 2019, in line with market expectations, compared to 0.10 per cent in the
corresponding quarter of 2018. At end-June 2019, the economy contracted 0.20 per
cent compared to 0.50 per cent expansion recorded at end-June 2018. The development
was attributed largely to a decline in construction, services, industrial output and
transport and housing prices, amidst uncertainties surrounding the exit of Britain from
the European Union (BREXIT). Inflation in the UK was 2.00 per cent in June 2019, a
decrease of 0.40 percentage point when compared with the level in June 2018.

Economic conditions in the BRICS were generally weak. In Brazil, the real GDP
contracted by 0.20 per cent in the first quarter of 2019, from a 0.60 per cent growth in
the first quarter of 2018. The contraction was attributable to the exit of foreign
investors, uncertainties about pension reforms, as well as contraction in fixed income
investments, agricultural activities and exports. However, in the second quarter of
2019, the GDP grew by 0.40 per cent compared to 0.20 per cent growth at end-June
2018, owing to the jump in fixed investment, industrial production and services sector
by 3.20 per cent, 0.70 per cent and 0.30 per cent, respectively, thereby averting fears
of another recession after emerging from the last one in 2017. Inflation in Brazil
decreased to 3.37 per cent in June 2019 compared with 4.39 per cent recorded in June
2018, owing mainly to lower prices for food, housing and transport.
Russia’s real GDP growth rate contracted 0.40 per cent in the first quarter of 2019,
compared to 1.70 per cent in the corresponding period of 2018, resulting mainly from
contraction in agriculture, forestry and fishing activities. Conversely, inflation stood at
4.70 per cent in June 2019, compared with 2.30 per cent in June 2018 driven largely
by price increases in the services sector.
In India, the real GDP growth declined to 1.40 per cent in the first quarter of 2019,
from 1.90 per cent in the corresponding quarter of 2018 owing to lower growth in the
agriculture, trade, transport, communication and services sub-sectors3. The retail

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inflation declined to 3.15 per cent in June 2019, from 4.90 per cent in June 2018. This
performance was below the Reserve Bank of India's medium-term target of 4.00 per
cent by 0.85 percentage point.
China’s real GDP growth rate in the first and second quarters of 2019 stood at 1.40 and
1.60 per cent, respectively, representing a reduction of 0.10 percentage point apiece,
compared to 1.50 and 1.70 per cent recorded in the respective quarters of 2018. The
development was attributed largely to the impact of the intense trade war with the US
as well as weakening domestic demand. However, inflation in China increased to a
year-long high of 2.70 per cent in June 2019, from 1.90 per cent in June 2018, caused
mainly by increases in food prices as a result of African swine fever epidemic and bad
weather.
Sub-Sahara Africa was projected to grow at a slower rate of 2.80 per cent in 2019, from
an earlier projection of 3.30 per cent by the World Bank4. The downgrade came on the
heels of fragile oil prices and policy uncertainties by some economies in the region.
The South African economy shrank by 3.20 per cent in the first quarter of 2019, while
the second quarter performance was yet to be released against the International
Monetary Fund’s projected growth rate of 0.70 per cent in 2019. The slowdown was
attributable to weak investment growth, slow pace of structural reforms, declining
business confidence, uncertainties surrounding the 2019 elections and reduced
electricity distribution to major sectors of the economy. In 2018, the first and second

4

quarters contracted by 2.70 and 0.50 per cent, respectively. Inflation in June 2019 was
4.50 per cent compared to 4.60 per cent in June 2018 owing largely to declining
transport costs.
In Kenya, the real GDP growth rate declined to 1.66 per cent in the first quarter of 2019
from 1.80 per cent in the corresponding quarter of 2018, resulting from a slowdown in
farming activities due to prolonged dry weather. The second quarter performance was
yet to be released against the World Bank’s projected growth rate of 5.70 per cent in
2019, while the second quarter growth 2018 was 1.30 per cent. Inflation rose to 5.70
per cent in June 2019, from 4.30 per cent in the corresponding period of 2018 due to
higher pump prices.
In Ghana, the economy expanded 1.60 per cent in the first quarter of 2019, from 1.30
per cent at end-June 2018, driven largely by growth in the services sector. Inflation
decreased to 9.10 per cent in June 2019, a 0.90 percentage point drop when compared
with the 10.00 per cent recorded in June 2018. The decline was attributed mainly to
lower food prices.
1.2 Domestic Economy
The Nigerian economy grew marginally as real GDP rose by 2.01 per cent in the first
quarter of 2019, compared with 1.89 per cent in the corresponding period of 20185. It
was, however, lower than the 2.38 per cent recorded in the fourth quarter of 2018. A

5

significant share of the growth recorded in the first half of the year was attributed to
the expansion in the non-oil sector, which grew by 2.47 per cent. The manufacturing
and non-manufacturing Purchasing Managers’ Indices (PMI) maintained an upward
trend due to slight increases in employment level, production activities and new orders.
Factors such as the volatility in the global oil market, low credit to the private sector,
infrastructure deficit and low capacity for revenue generation contributed to the
economy's muted growth.
Headline inflation, year-on-year, remained above the target range of 6.00 – 9.00 per
cent, as it stood at 11.22 per cent in June 2019, compared to 11.23 per cent in June
2018. Structural factors such as high cost of transport, electricity supply and production
inputs challenges contributed to the high rate of inflation.

1.3 Monetary Policy
In the first quarter of 2019, the Bank maintained its contractionary policy stance in
order to moderate inflation. However, at the end of the first quarter, the Bank reviewed
the Monetary Policy Rate (MPR) downwards by 50 basis points to 13.50 per cent, from
14.00 per cent, to signal a new direction that is pro-growth, to encourage credit flow to
the productive sector and manage sentiments in the financial markets. The asymmetric
corridor of +200/-500 basis points around the MPR was maintained, while the Cash
Reserve Requirement (CRR) and Liquidity Ratio were retained at 22.50 and 30.00 per
cent, respectively.

1.4 Nigerian Financial Markets Operations
1.4.1 Money Market
Domestic money market rates were largely stable and trended in tandem with the
banking system liquidity. The interplay of demand and supply of funds by authorized
dealers at the inter-bank market revealed the market’s preference for collateralized
transactions. In the first quarter of 2019, money market interest rates trended above the
upper band of the MPR. This signified liquidity squeeze in the market, resulting mainly
from short-term concerns about unavailability of funds and cautious investment
decisions by domestic and foreign investors in the build-up to the 2019 general
elections. However, the rates moderated significantly in the second quarter, in response
to improved liquidity in the banking system. Fiscal disbursements, maturing OMO
Bills, treasury bills redemption, reduced frequency of OMO auctions and foreign
exchange interventions also contributed to influence banking system liquidity.

1.4.2 Foreign Exchange Market
In the first quarter of 2019, the foreign exchange market was characterized by demand
pressures associated with foreign capital outflows occasioned by uncertainties
surrounding the general elections. However, in the second quarter of 2019, there was
a significant reduction in the demand pressures owing to the monetary authority’s
interventions in the market to bridge the supply gap. Consequently, the exchange rate
remained relatively stable in the first half of the year.

1.4.3 Capital Market Developments
Equity market indicators revealed a bearish trend during the first half of 2019. The
Nigerian Stock Exchange (NSE) All Share Index (ASI) declined to 29,966.87 by 3.55
per cent at end-June 2019, from 31,070.06 at the beginning of the year, while the
Market Capitalization (MC) declined by 13.98 per cent to ₦13.21 trillion, from ₦11.59
trillion at the beginning of 2019. Similarly, the total volume, value and number of deals
decreased in the review period, compared with the corresponding period of 2018. The
decline in market indices was due to concerns about global economic slowdown and
cautious approach of investors to the build-up of political activities towards the 2019
general elections. In the review period, MTN Nigeria – a leading telecommunications
company in the country, listed 20,354,513,050 shares at the initial price of N90.00 per
share on the Nigerian Stock Exchange.

1.4.4 Federal Government Domestic Debt
The total domestic debt outstanding at end-June 2019 stood at ₦13,412.80 billion,
representing an increase of ₦1,261.36 billion or 10.38 per cent, over ₦12,151.44
billion in the corresponding period of 2018. The debt stock during the review period
comprised FGN Bonds worth ₦9,691.42 billion or 72.26 per cent, Nigerian Treasury
Bills (NTBs) worth ₦2,651.51 billion or 19.77 per cent and FRN Treasury Bonds of
₦125.99 billion or 0.94 per cent. Others included FGN Promissory Notes of ₦707.76
billion or 5.28 per cent, FGN Sukuk worth ₦200.00 billion or 1.49 per cent, FGN Green
Bonds worth ₦25.69 billion or 0.19 per cent and FGN Savings Bonds of ₦10.43 billion
or 0.08 per cent. In spite higher debt stock, the cost of debt servicing declined by 15.00

per cent to ₦800.73 billion at end-June 2019, compared to ₦941.99 billion in the
corresponding period of 2018. This was due to declining yields in the fixed income
market during the review period.

1.4.5 Activities of Internal and Inter-Agency Committees
The Financial Markets Department (FMD) engaged in collaborative activities with
internal and external stakeholders to further enhance the depth of the financial system.
Some focus areas during the review period included lending for real sector growth,
liquidity assessments and risk management, fiscal and monetary policy coordination.

1.4.6 Other Developments in the Nigerian Financial Markets
Measures taken by regulatory authorities impacted on the Nigerian financial markets
and influenced the conduct of transactions. These included policies strategically aimed
at increasing lending to the real sector, improving the rate of financial inclusion,
deepening the financial markets and boosting stability in the foreign exchange market.

1.4.7 Guidelines and Circulars
The Bank issued new guidelines and circulars to operators in the financial markets to
guide their activities. Additionally, some of the existing guidelines and circulars were
revised. The Bank also issued exposure drafts of Proposed Guidance Notes on the
Calculation of Capital Requirements for Operational Risks and the Supervisory Review

Process for Non-Interest Financial Institutions in Nigeria and Review of Minimum
Capital Requirement for Microfinance Banks in Nigeria amongst others. The details of
the releases can be accessed in the appendix and on the CBN website, www.cbn.gov.ng.

2.0
DOMESTIC MONEY MARKET OPERATIONS

2.1
Liquidity Management
Fiscal disbursements including Statutory Revenue Allocation (SRA), Value Added Tax
(VAT) and government expenditure, amongst others, boosted the level of liquidity in
the banking system. In addition, inflows from matured CBN Bills, other monetary
operations and the redemption of FGN Bonds and Nigerian Treasury Bills (NTBs)
complemented the fiscal injections.

Open Market Operations (OMO) remained the major tool for liquidity management
and was complemented by discount window operations, CRR debits and interventions
in the foreign exchange market. The desire to curtail inflation, promote capital inflows,
encourage credit flow to the real sector and sustain the economy on the path of growth
remained paramount to the Bank’s policy objectives. The MPR, which had been set at
14.00 per cent since July 2016, was adjusted downwards by 50 basis points to 13.50
per cent, with an asymmetric corridor of +200/-500 basis points for the Standing
Lending Facility (SLF) and Standing Deposit Facility (SDF), respectively, while, the
CRR and Liquidity Ratio were unchanged at 22.50 and 30.00 per cent, respectively.
Maturing CBN Bills and interest payments, periodic fiscal injections and the
redemption of FGN Bonds and NTBs were contributory factors to the increased
liquidity in the banking system. In addition, the frequency of OMO auctions was
significantly reduced to moderate the cost of liquidity management.

The CBN Inter-bank Funds Transfer System (CIFTS) and the Intraday Liquidity
Facility (ILF) were available to participants in the market to ensure uninterrupted
transactions during trading hours and to facilitate real time settlement.
2.1.1 Open Market Operations
The primary instrument for liquidity management was OMO, used to moderate excess
liquidity, boost tradable securities, and deepen secondary market activities.

2.1.1.1 Open Market Operations Auctions
CBN Bills offered at the open market amounted to ₦11,894.96 billion, while total
subscription and sales amounted to ₦13,097.62 billion and ₦11,870.93 billion in the
first half of 2019, respectively, compared with ₦13,972.84 billion, ₦11,651.25 billion
and ₦9,743.76 billion offered, subscribed to and sold respectively, in the corresponding
period of 2018 (Table 2.1).
The high level of activity arose from the monthly disbursements to the three tiers of
government by the Federation Account Allocation Committee (FAAC) and maturing
CBN Bills during the period. Thus, the cost of liquidity management in the review
period rose to ₦1,297.03 billion compared to ₦848.32 billion in the corresponding
period of the previous year.
In the review period, the tenors of OMO auction ranged from 27 to 364 days, at stop
rates ranging from 11.0500 to 15.0000 per cent compared to tenors of 73 to 365 days
at stop rates of 10.9000 to 14.4000 per cent in the previous year.

Figure 2.1: Open Market Operations, January – June, 2019


Figure 2.2: Open Market Operations, January – June, 2018


Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
₦'Billion
Total Offered
Total Subscribed
Total Sold

Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
₦'Billion
Total Offered
Total Subscribed
Total Sold

2.1.2 Discount Window Operations
2.1.2.1 Repurchase Transactions
The total value of repo transactions in the first half of 2019 amounted to ₦611.30
billion, with interest rates ranging from 18.50 to 19.50 per cent from January to March
25, 2019 and 18.00 to 19.00 per cent from March 26 to June 2019, following the
downward review of MPR. The tenors were for 4- to 90-days and the total interest
earned amounted to ₦19.25 billion. In the first half of 2018, the total value of repo was
₦240.73 billion, while interest earned was ₦6.53 billion at 18.50 to 19.50 per cent for
the same tenors (Table 2.2). The increased level of request in the review period was
due to preference for tenored funds instead of overnight facility.

2.1.2.2 CBN Standing Facilities
CBN standing facilities were available at the discount window for banks to meet up
with their liquidity obligations by either borrowing from the standing lending facilities
(SLF) or depositing excess funds at the standing deposit facilities (SDF) windows at
the end of each business day.
The trend in 2019 showed more recourse to the SLF in the first half, when compared
with the corresponding period of 2018. The remunerable limit for daily deposits per
institution at the SDF remained at ₦7.50 billion. The applicable rates, which were
anchored to the MPR, for the SLF and SDF, also remained 16.00 and 9.00 per cent,
from January to March 25, 2019, respectively; and 15.50 and 8.50 per cent from March
26 to June 2019. In the first half of 2018, the applicable rates for SLF and SDF were
16.00 and 9.00 per cent respectively.

2.1.2.2.1 Standing Lending Facility
The average daily volume of SLF was ₦95.63 billion in 121 transaction days, of which
Intraday Liquidity Facility (ILF) conversion constituted ₦35.50 billion or 37.12 per
cent of the total request. As a result, the average daily interest income amounted to
N66.87 million. In the first half of 2018, the average daily volume of SLF was ₦57.36
billion in 123 transaction days, of which ILF conversion constituted ₦45.54 billion or
79.39 per cent of the total request. Consequently, the average daily interest income was
₦44.40 million (Table 2.3). The higher patronage at the window in 2019 reflected the
impact of the prevailing liquidity conditions in the banking system.
2.1.2.2.2 Standing Deposit Facility
Patronage at the SDF window reflected an average daily amount of ₦67.64 billion for
the 121 business days in the first half of 2019,
representing a decrease from ₦88.30 billion for the
121 transaction days out of 123 business days in the
corresponding period of 2018. Similarly, the average
daily interest payments on the deposits decreased to
₦22.48 million in the review period, from ₦30.43
million in the corresponding period of 2018. The
decreased volume of transactions reflected in the
review period was due to the tight liquidity
conditions in the banking system (Table 2.4).


Patronage
at
the
SDF
window was low in 2019 with
a daily average of ₦67.64
billion, compared to ₦88.30
billion in the corresponding
period of 2018. The reduction
in transactions was due to the
tight liquidity conditions in
the banking system.

2.1.2.3 Rediscounting of Bills
During the review period, CBN Bills worth ₦54.44 billion with 170 to 352 days to
maturity were rediscounted at 13.50 per cent. Interest earned on the transactions totaled
₦6.59 billion (Table 2.5). There was no transaction in the first half of 2018.

2.2
Inter-bank Funds Market
The total monthly average value of transactions at the inter-bank funds market stood at
₦1,205.09 billion in the first half of 2019, a significant increase of ₦489.03 billion or
68.29 per cent over ₦716.06 billion in the corresponding period of 2018. Analysis of
the transactions indicated that Open-Buy-Back (OBB) at ₦1,129.61 billion accounted
for 93.74 per cent, while the unsecured inter-bank call took up 6.26 per cent or ₦75.48
billion. In the preceding year, OBB accounted for ₦685.61 billion or 95.75 per cent
while the unsecured segment recorded ₦30.45 billion or 4.25 per cent (Table 2.6). The
preference for OBB transactions in the review period was attributable to risk aversion
by market participants as there was low appetite for unsecured lending in the market.

2.3
Interest Rates Movement
The movement in money market rates was influenced by liquidity conditions in the
banking system. The contributory factors included the fiscal operations of government;
effects of CRR maintenance periods; deposits and settlement for foreign exchange
wholesale and retail intervention; as well as the sale and maturities of CBN Bills.

Consequently, the daily inter-bank call rates ranged from 3.00 to 35.00 per cent, while
the daily OBB ranged from 1.50 to 60.00 per cent in the review period. The weighted
monthly average rates at the call segment was 12.14 per cent in January 2019, peaked
at 16.71 per cent in February and thereafter declined to 6.88 per cent in June 2019.
Similarly, at the OBB segment, the weighted monthly average rate was 17.54 per cent
in January, peaked at 18.29 per cent in February and then moderated to 7.67 per cent
in June 2019 (Table 2.7, Figure 2.3). The peak recorded at the inter-bank call and the
OBB segments rates in February was attributed to the effect of frequent Open Market
Operations and naira debits for foreign exchange transactions.
During the first half of 2018, the weighted monthly average rates at the call segment
was 14.72 per cent in January, it peaked at 25.43 per cent in May and thereafter
declined to 5.00 per cent in June 2018. Similarly, at the OBB segment, the weighted
monthly average rate was 10.04 per cent in January and peaked at 18.40 per cent in
February, before moderating to 11.13 per cent in June 2018 (Figure 2.4).

Figure 2.3: Average Monthly Money Market Rates, January – June, 2019


Figure 2.4: Average Monthly Money Market Rates, January – June, 2018


Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Per cent
Inter-bank Call
Open Buy Back (OBB)
MPR
Call NIBOR
30-day NIBOR

Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Per cent
Interbank Call
Open Buy Back (OBB)
MPR
Call NIBOR
30-day NIBOR

2.4
Central Bank of Nigeria Promissory Notes
In the first half of 2019, one Promissory Note was issued to EcoBank Plc on behalf of
the defunct Africa International Bank (AIB) for settlement of liabilities, while none
was issued in the corresponding period of 2018 (Table 2.8).

3.0
FOREIGN EXCHANGE MARKET OPERATIONS


3.1 Developments in the Foreign Exchange Market
The first half of 2019 recorded an overall reduction in foreign exchange demand
pressure, as well as moderation in exchange rate volatility compared with the
corresponding period in 2018. The foreign exchange demand pressure and capital
outflows witnessed in early 2019 were attributed to uncertainties around the 2019
general elections.
3.2 Inter-bank Foreign Exchange Market
In the review period, the CBN sustained its direct intervention in the inter-bank foreign
exchange market to manage demand pressure and ensure exchange rate stability.
Consequently, a total of US$8,287.52 million was sold at the foreign exchange market.
This comprised US$2,142.63 million at the Inter-bank spot, US$550.70 million for
Invisibles, US$810.00 million for SMEs, US$212.11 million at the I&E window and
US$4,572.03 million as Forwards sales. On the other hand, the Bank purchased
US$9,368.92 million at the inter-bank segment, hence a net purchase of US$1,081.40
The foreign exchange market remained stable in the first half of 2019, traceable to
the sustenance of policy measures adopted since June 2016. Some of these
measures included moral suasion, restriction of items from the official foreign
exchange window, operations at the autonomous Investors’ and Exporters’ (I&E)
window, and increased volume and frequency of foreign exchange sales to BDCs.

million by the Bank. At the Forwards segment, the sum of US$4,979.46 million
matured, while US$2,552.01 million was outstanding at end-June 2019.
In the corresponding period of 2018, US$9,499.91 million was sold at the Inter-bank
segment, comprising US$1,546.43 million at the Inter-bank spot, US$768.70 million
for Invisibles, US$637.00 million for SMEs, US$1,236.69 million at the I & E window
and $5,311.09 million as Forwards sales. The Bank purchased US$6,436.47 million at
the inter-bank segment, resulting in a net sale of US$3,063.44 million. The sum of
US$5,681.77 million matured at the Forwards segment, while US$1,469.04 million
was outstanding at end-June 2018 (Table 3.1).
The increased sales at the inter-bank spot market in 2019 were attributable to the
Bank’s foreign exchange management strategy of sustaining liquidity and maintaining
exchange rate stability. Figure 5 displays the monthly sales at the inter-bank foreign
exchange market in 2019 and 2018, respectively.

Figure 3.1: Inter-bank Foreign Exchange Sales, January – June, 2018 vs 2019

3.3
Naira-Settled Over the Counter Foreign Exchange Futures
The sum of US$8,035.39 million was traded in the futures market in the first half of
2019. A total of US$3,483.04 million matured while US$9,324.70 million remained
outstanding at end-June 2019. In the corresponding period of 2018, US$3,965.68
million was traded at the futures market, US$2,914.86 million matured, while
US$4,369.69 million remained outstanding at end-June, 2018.
3.4 The Bilateral Currency Swap Agreement
During the review period, the Bank continued with the implementation of the Bi-lateral
Currency Swap Agreement with the People’s Bank of China through bi-weekly
Renminbi auctions, which commenced in July, 2018.

Jan
Feb
Mar
Apr
May
Jun
US$ Million
Amount Sold at the Interbank Spot in 2019
Amount Sold at the Interbank Spot in 2018

In the review period, 13 auctions were conducted and Renminbi worth CNY512.43
million were sold from the drawdown of CNY1.00 billion. A total of Renminbi worth
CNY669.66 million was sold through 12 auctions conducted from July to December
2018, from the same initial draw down of CNY1.00 billion.
3.5 Investors’ and Exporters’ Window
The daily rate at the I&E window opened at ₦364.41/US$ in January 2019 and closed
at ₦360.75/US$ at end-June 2019, representing an appreciation of ₦3.66/US$. The
monthly average exchange rate opened at ₦363.76/US$ in January and closed at
₦360.64/US$ in June 2019 (Table 3.2). At the beginning of the year, the rates at the
I&E window depreciated as a result of uncertainties around the 2019 general elections.
However, it appreciated by ₦3.27/US$ in March, and remained stable through endJune, 2019.
3.6 Bureau-de-Change
The increased sale of foreign exchange by the Bank to the BDCs resumed in the second
half of 2018, and was sustained in the first half of 2019 which increased supply in the
retail market and helped to converge the rates in the BDC, I&E and Inter-bank
segments. Thus, the daily BDC exchange rate, which opened at ₦360.75/US$ in
January, closed at ₦360.00/US$ at end-June 2019. The exchange rate was relatively
stable, ranging from ₦359.00/US$ to ₦362.75/US$, between January and June 2019.
The monthly average exchange rate opened at ₦360.94/US$ in January and closed at
N359.94/US$ in June 2019 (See Table 3.2).

3.7 Interbank Foreign Exchange Rate Movement
At the inter-bank segment of the market, the daily exchange rate opened at
₦306.95/US$ in January and closed at ₦306.90/US$ at end-June 2019. The rate was
relatively stable owing to sustained supply of foreign exchange through various
interventions by the Bank. The monthly average exchange rate opened at ₦306.85/US$
in January and marginally depreciated to close at ₦306.95/US$ in June 2019.

Figure 3.2: Selected Exchange Rates, January – June, 2019


Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
N/US$
I & E
Inter-Bank
BDC

Figure 3.3: Selected Exchange Rates, January – June, 2018

3.8
Foreign Exchange Rate Premium
In the first half of 2019, the average exchange rate premium between the BDC and
inter-bank segments moderated from ₦54.10 in January to ₦52.99 in June 2019 (Table
3.2), representing a decrease in the percentage premium from 14.99 to 14.91 per cent.
In the corresponding period of 2018, the average exchange rate premium between the
BDC and inter-bank segments decreased to ₦54.79 in June from ₦57.43 in January
2018, representing a decrease in the percentage premium from 15.81 to 15.19 per cent.
The development in the first half of 2019 was due to improved liquidity in the foreign
exchange market.
In the first half of 2019, the monthly average exchange rate premium between the I&E
window and BDC contracted towards convergence from -₦2.82 in January to -₦0.70

Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
N/US$
I & E
Inter-Bank
BDC

in June 2019, compared to a reduction in the premium from ₦2.67 in January to -₦0.40
per cent in June 2018(Table 3.2). The development in the first half of 2019 was due to
improved liquidity in the foreign exchange market.
Figure 3.4: Exchange Rate Premium between I&E & BDC, January – June, 2018
vs 2019

Figure 3.5: Exchange Rate Premium between Inter-Bank & BDC, January –
June, 2018 vs 2019


Jan
Feb
Mar
Apr
May
Jun
N/US$
Premium b/w I&E and BDC rates 2018
Premium b/w I&E and BDC rates 2019

Jan
Feb
Mar
Apr
May
Jun
N/US$
Premium b/w Interbank and BDC rates 2018
Premium b/w Interbank and BDC rates 2019

Box 1: 5-year Policy Thrust of the Central Bank of Nigeria
The Governor stated that
The vision of the Central Bank of Nigeria over the next five years would be driven by the need to support continued
growth and development of the Nigerian economy through improved wealth and job creation. He also noted that
although the Bank achieved reassuring results from its activities between 2014 and 2019, the task of building a stronger
economy was very imperative in view of the fact that GDP growth remained slow and unemployment high.
The goal of the Bank would therefore be to target double digit growth and bring down inflation to single digit.
Consequently, the priorities of the CBN over the next 5-years are as follows; to

Preserve domestic macroeconomic and financial stability;

Foster the development of a robust payments system infrastructure that will increase access to finance for all
Nigerians thereby raising the financial inclusion rate in the country,

Work with the Deposit Money Banks to improve access to credit for not only small holder farmers and MSMEs but
also Consumer credit and mortgage facilities for bank customers. Intervention support shall also be extended to
the teeming youth population who possess entrepreneurial skills in the creative industry.

Grow our external reserves and

Support efforts at diversifying the economy through the intervention programs in the agriculture and manufacturing
sectors.
The Governor expressed confidence that when these measures are implemented, they will help to insulate the economy from
potential shocks in the global economy. He also pledged to work to the best of his abilities to ensure that the objectives are
fulfilled.
The Governor stated further that to achieve the Bank’s vision and fulfill the objectives, he would ensure the following:
Macroeconomic Stability: There would be key emphasis on supporting improved GDP growth and greater private sector
investment, leverage monetary policy tools in supporting a low inflation environment, while seeking to maintain stability in
the exchange rate. The Bank will support measures to increase and diversify Nigeria’s export base to shore up reserves.
Exchange Rate Stability: We will continue to operate a managed float exchange rate regime in order to reduce the impact
which continuous volatility in the exchange rate could have on our economy.
Financial System Stability: A resilient and stable financial system is imperative for continued growth of our economy given
the intermediation role that financial institutions play in supporting the needs of individuals and businesses. The Bank will
continue to improve on-site and off-site supervision of all financial institutions. The recapitalization of Banks would also be
pursued to position them among top 500 in the world.

Robust Payment System Infrastructure: An efficient payment system is vital to the effectiveness of monetary policy
interventions. It also helps in reducing the cost involved in payment for goods and services. Thus, payment services
management department of the CBN will work with stakeholders to ensure a robust system.
Targeted Development Finance: Building on the success of the Anchor Borrowers Program and other intervention
programs geared towards supporting the growth of the agriculture and manufacturing sectors. The Bank would boost
growth through provision of inputs.
Financial Inclusion: Over the next five years, through initiatives and policy measures such as the Shared Agent Network
(SANEF) and the payment service banks, the Bank would broaden access to financial services to individuals in underserved
parts of the country. This would ensure that 95 per cent of Nigerians have access to financial services.
Access to Credit: Beyond our intervention programs, the Bank is also working to encourage banks and financial institutions
to lend from their balance sheet in order to support the growth of critical sectors of the economy, such as Agriculture,
MSMEs and the Real Estate Sector. Greater emphasis on improving consumer spending and business investment by MSMEs
is critical to sustainable double-digit growth of the Nigerian economy.
Unique Identification: To enhance the identification of financial service consumers, the CBN will support an aggressive
enrollment of prospective banking customers in the informal sector onto the BVN system.
Lending to MSMEs: The recently established NIRSAL microfinance bank will also work to improve access to credit for
MSMEs in rural communities, which will help stimulate improved economic activities.
Consumer Credit: In order to spur lending to consumers, a framework will be announced by the CBN, under which large
departmental stores, automobile companies, equipment leasing companies, in partnership with financial institutions, and
the credit bureaus, will be able to provide credit facilities at reasonable interest rates to consumers.
Mortgage Lending: Adequate safeguards will be put in place to reduce the risk of delinquency in the mortgage backed
assets that will be sold in the capital markets.
Conclusion
The Governor reiterated that although these goals were onerous and tasking, the CBN will remain committed to fulfilling
its mandated objectives of price and monetary stability. Efforts would be geared towards safeguarding the stability of the
financial system, while supporting the development of a payment system infrastructure that will improve access to credit for
all eligible Nigerians. Nevertheless, additional emphasis will be placed on supporting greater growth of the economy and
in reducing unemployment, through targeted interventions in the agricultural and manufacturing sectors.

4.0
CAPITAL MARKET DEVELOPMENTS


4.1
Nigerian Stock Market
The performance of the market during the review period was bearish as the major
indicators, the NSE ASI and the MC declined, compared with the first half of the
preceding year. The bearish trend was occasioned by prolonged investor apathy,
uncertainty surrounding the February/March general elections, and foreign portfolio
divestments. However, the market indices improved slightly in May owing to the
listing by a major telecommunications company, MTN Nigeria, on the bourse.


The NSE indicators reflected weaker performance during the first half of 2019
when compared with the corresponding period of the preceding year.
Contributory factors included weak investor sentiments and bearish activities due
to concerns over the general elections and the direction of a new government.
Thus, the NSE ASI and MC fell by 21.71 and 4.76 per cent to 29,966.87 and
₦13.21 trillion at end-June 2019, from 38,278.55 and ₦13.87 trillion, respectively
at end-June 2018. Among the various sectors on the Main Board of the NSE, the
financial services sector was the most active, accounting for 76.39 per cent of the
volume of equities traded, followed by the conglomerates with 6.65 per cent, while
the remaining nine sectors accounted for 16.96 per cent.

4.1.1 All Share Index and Market Capitalization
The ASI which stood at 31,070.06 at the beginning of the year declined by 3.55 per
cent to 29,966.87, while the MC which opened at ₦11.59 trillion declined by ₦1.62
trillion or 13.98 per cent to N13.21 trillion at end-June 2019.
In the first half of 2018, the ASI opened at 38,264.79 trillion and declined by 17.19 per
cent to close at 38,278.55 trillion at end-June. However, the MC of equities increased
by ₦0.25 trillion or 1.80 per cent, from N13.62 trillion at the beginning of January to
₦13.87 trillion at end-June 2018 (Table 4.1).
The turnover of activities in the market in the first half of 2019 was lower than the
corresponding period of the preceding year. The volume and value of shares traded in
the review period was 46.22 billion and ₦538.57 billion, respectively, compared with
67.99 billion and ₦816.34 billion, in the corresponding period of 2018. The number of
deals decreased to 463,942 in the first half of 2019, from 663,266 in the first half of
2018. The decline in the volume and value of transactions during the review period
reflected the bearish trend in the capital market (Table 4.2).
4.1.2 Market Turnover
The financial services sector remained dominant in the first half of 2019, accounting
for 76.39 per cent of the volume of equities traded, followed by the conglomerates with
6.65 per cent, while the remaining sectors accounted for 16.96 per cent. (Table 4.3)

Foreign investment inflow amounted to ₦221.61 billion, while outflow was ₦250.18
billion at end-June 2019, reflecting a net
outflow of ₦28.57 billion. Similarly,
foreign investment inflows amounted to
₦380.65 billion, while outflows amounted
to ₦419.06 billion, reflecting a net outflow
of ₦38.41 billion in the first half of 2018.
(Table 4.4)
The net outflow during the review period
was attributable to the uncertainties
surrounding leadership changes expected to
follow the general elections. At end-June
2019, the total foreign portfolio investment in the stock market was 43.38 per cent of
total market transactions, compared with 50.07 per cent in the corresponding period of
2018.
4.1.3 New and Supplementary Listings and Delisting
The NSE admitted one Eurobond, 11 FGN Bonds and five FGN Savings Bonds on the
floor during the review period. In addition, there were 14 supplementary listings on the
NSE arising from additional issues, mergers and rights issues. Conversely, three
companies were delisted from the Exchange, two of which were done voluntarily by
Great Nigeria Insurance Plc and Newrest ASL Nigeria Plc, while Diamond Bank was
delisted following its merger with Access Bank. (Table 4.5)
In the first half of 2019, the
percentage
of
foreign
portfolio investments in the
stock market averaged 43.38
per cent of total market
transactions, compared with
50.07
per
cent
in
corresponding
period
of
2018.

In the corresponding period of 2018, one state government bond, three FGN Bonds and
four FGN Savings Bonds were admitted on the Exchange. In addition, there were
fourteen supplementary listings on the NSE arising from bonus issues, additional
issues, scrip dividend offers, mergers and rights issues. Only Seven-Up Bottling
Company was delisted from the Exchange. (Table 4.5)
4.1.4 New Developments in the Capital Market
MTN Nigeria became the first telecommunications network provider to be listed on the
Premium Board of the Nigerian Stock Exchange with 20,354,513,050 ordinary shares
listed at ₦90 per share on May 16, 2019.
Also in the review period, the Demutualization process of the NSE was in the final
stages of implementation.

5.0
FEDERAL GOVERNMENT DOMESTIC DEBT


5.1 Nigerian Treasury Bills
The total NTBs issued and allotted was ₦1,473.84 billion apiece, indicating a decrease
of ₦179.52 billion or 10.86 per cent below ₦1,653.37 billion apiece in the
corresponding period of 2018. The decrease was attributable to fewer NTB issues in
the review period. Total public subscriptions stood at ₦4,153.63 billion, compared to
₦3,223.36 billion in the corresponding period of 2018. The rise in public subscription
was traceable to the increased level of liquidity in the system and the favorable appetite
for government securities.
The Federal Government continued to rely on public financing to support its revenue
shortfalls. It issued new instruments comprising Federal Government of Nigeria
(FGN) Bonds and Federal Government Savings Bonds. Consequently, the stock of
FGN domestic debt outstanding amounted to ₦13,412.80 billion at end-June 2019.
This represented an increase of ₦1,261.36 billion or 10.38 per cent over ₦12,151.44
billion at end-June 2018. However, the cost of debt servicing decreased by 15.00
per cent to ₦800.73 billion at end-June 2019, from ₦941.99 billion at end-June
2018. This was due to declining yields in the fixed income market and the issuance
of Promissory notes which has no implication for debt servicing.

The holding structure of the instrument indicated that Deposit Money Banks (DMBs)
and foreign investors took up ₦766.37 billion or 52.00 per cent, mandate and internal
funds customers (including CBN Branches) ₦581.08 billion or 39.43 per cent, CBN
take-up N73.45 billion or 4.98 per cent and merchant banks ₦52.94 billion or 3.59 per
cent (Table 5.2; Figures 5.1 and 5.2). The successful bid rates in the market ranged
from 9.60 to 11.00 per cent for 91-day, 11.89 to 13.50 per cent for 182-day and 12.02
to 15.00 per cent for 364-day tenors. The range of successful bid rates in the
corresponding period of 2018 was higher, between 10.00 to 12.55 per cent for the 91day and 10.30 to 13.93 per cent for the 182-day, but lower for the 364-day tenors at
rates between 10.70 and 14.30 per cent (Table 5.3).
Figure 5.1: NTB Primary Market Auction, January – June, 2019

Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
N'Million
Total Issue
Total Public Subscription
Total Allotment

Figure 5.2: NTB Primary Market Auction, January – June, 2018

5.1.1 Structure of Outstanding Nigerian Treasury Bills Holdings
The outstanding NTB holdings structure indicated that DMBs accounted for 41.69 per
cent of the total at end-June 2019 compared with 27.59 per cent in the corresponding
period of 2018. Mandate and Internal Account customers (parastatals) accounted for
45.51 per cent, Merchant banks 0.81 per cent, while the CBN accounted for 11.99 per
cent (Table 5.4).
5.2 Federal Republic of Nigeria Treasury Bonds
In the first half of 2019, there was no new issue of the Federal Republic of Nigeria
Treasury Bonds (FRNTBs), as FGN Bonds remained the major source of government
deficit financing. Hence, the outstanding stock of the instrument at end-June 2019
stood at ₦125.99 billion, compared to ₦150.99 billion at end-June 2018. The decline
in the amount outstanding was due to the redemption of ₦25.00 billion at the end of

Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
₦'Million
Total Issue
Total Public Subscription
Total Allotment

2018. A breakdown of the amount outstanding showed that the CBN held ₦41.03
billion, while ₦84.95 billion was held in the Sinking Fund (Table 5.5). In 2018, the
CBN held ₦50.44 billion, while ₦100.55 billion was held in the Sinking Fund.
5.3 Federal Government of Nigeria Bonds
The total value of FGN Bonds offered to the public was ₦700.00 billion, while public
subscription and sale stood at ₦1,160.45 billion and ₦615.39 billion, respectively
(Table 5.6). The amount offered comprised new issues and re-openings of FGN Bonds.
In the same period of 2018, FGN Bonds issues, subscription and allotment amounted
to ₦500.00 billion, ₦829.42 billion and ₦425.35 billion, respectively. The increase in
issues, subscriptions and allotment in the first half of 2019 was attributable to
government’s efforts to rebalance domestic debt structure in favour of longer tenored
instruments and cost reduction.
Consequently, the total value of FGN Bonds outstanding at end-June 2019 stood at
₦10,171.29 billion, compared with ₦9,407.53 billion at end-June 2018, indicating an
increase of ₦763.76 billion or 8.12 per cent (Table 5.7). The FGN Bonds holding
structure showed that ₦3,669.98 billion or 36.08 per cent was held by DMBs, ₦170.48
billion or 1.68 per cent by merchant banks, and the balance of ₦6,330.83 billion or
62.24 per cent held by non-bank public (Table 5.8).
5.4 Domestic Debt Charge
FGN domestic debt service was ₦800.73 billion at end-June 2019, representing a
decrease of 15.00 per cent when compared to ₦941.99 billion at end-June 2018. The
decrease was attributable to the fall in yields on the securities issued in the markets. A

breakdown of the cost showed that interest
expense on NTBs stood at ₦166.63 billion
or 20.81 per cent, coupon payments on FGN
Bonds, FGN Savings Bonds and FGN Green
Bonds accounted for ₦609.84 billion or
76.16 per cent, ₦0.66 billion or 0.08 per cent
and ₦0.72 billion or 0.09 per cent,
respectively. Rental payments on FGN Sukuk was ₦16.02 billion or 2.00 per cent,
while interest paid on FRN Treasury Bonds was ₦6.87 billion or 0.86 per cent(Table
5.9).

5.5 Over-the-Counter Transactions
5.5.1 Over-the-Counter Transactions in Nigerian Treasury Bills
OTC transactions in NTBs during the first half of 2019 amounted to ₦44,794.05
billion, indicating an increase of ₦9,864.81 billion or 28.24 per cent over the level of
₦34,929.23 billion in the corresponding period of 2018. The increase was attributed to
improved patronage from foreign and institutional investors (Table 5.10).
5.5.2 Over-the-Counter Transactions in Federal Government of Nigeria Bonds
In the review period, OTC transactions in FGN Bonds amounted to ₦7,052.72 billion,
indicating an increase of ₦1,461.14 billion or 26.13 per cent over the level of
The cost of domestic debt instruments of
the FGN stood at N800.73 billion at
end-June 2019, representing a decrease
of 15.00 per cent when compared to
N941.99 billion at end-June 2018.

₦5,591.59 billion in the corresponding period of 2018. The trend was attributed to
active participation of investors, both local and foreign (Table 5.10).

5.6 Asset Management Corporation of Nigeria Bonds
Asset Management Corporation of Nigeria (AMCON) Bonds were fully repaid to the
public in December 2014, in a restructuring exercise that led to the conversion of ₦3.8
trillion into 6.00% AMCON Notes for the CBN to hold to maturity in 2023, as the sole
investor. This was to ensure stability in the banking system.
5.7
Federal Government of Nigeria Savings Bonds
The total value of ₦2.75 billion FGN Savings Bonds, comprising 2- and 3-year tenors,
were issued and allotted during the review period, representing an increase of ₦1.42
billion or 106.77 per cent when compared to ₦1.33 billion in the corresponding period
of 2018. The increase was attributable to increased awareness and government’s efforts
to encourage household savings in the economy. The range of coupon rates for the 2year spanned from 11.276 to 12.125 per cent, and 12.276 to 13.125 per cent for the 3year tenor. The range of coupon rates for the corresponding period in 2018 was lower
from 9.480 to 12.098 per cent for the 2-year and 10.480 to 13.098 per cent for the 3-
year tenor (Table 5.11 and 5.12).
5.8
Federal Government of Nigeria Green Bonds
A total value of ₦25.69 billion FGN Green Bond was outstanding as at end-June 2019.
The 5- and 7-year tenors were issued at coupon rates of 13.4800 and 14.5000 per cent,

in December 2017 and June 2019 respectively. The bond was issued to finance
sustainable development projects with positive impact on the environment and the
economy (Table 5.13).
5.9
Federal Government of Nigeria Sukuk
The total FGN Sukuk Bonds outstanding at end-June 2019 stood at ₦200.00 billion.
The two issues of the 7-year Sukuk of ₦100.00 billion each attracted rental rates of
16.47 and 15.74 per cent, respectively, payable semi-annually. The proceeds were
targeted at the rehabilitation of roads across the six geopolitical zones (Table 5.14).
5.10 Federal Government of Nigeria Promissory Notes
The total value of ₦707.76 billion FGN Promissory Notes was outstanding as at endJune 2019. The 1-, 2- and 3-year notes were issued to settle part of the inherited local
contractors’ debts, outstanding obligations to oil marketing companies and state
governments. (Table 5.15)

6.0
ACTIVITIES OF INTERNAL AND INTER-AGENCY COMMITTEES

6.1
Liquidity Assessment Group
The membership of the committee comprised the Director, all Heads of Division and
Office in the Financial Markets Department. The Liquidity Assessment Group (LAG)
met daily to assess the liquidity levels in the banking system and advise Management
on appropriate intervention measures by the Bank.
6.2
The Non-Interest Financial Institutions Products Development Committee
The Non-Interest Financial Institutions Products Development Committee (NIFI-PDC)
continued to meet during the period under review in a bid to achieve its mandate of
developing non-interest products to stimulate growth and deepen the Nigerian financial
markets. Consequently, it reviewed the implementation processes for non-interest
instruments at the CBN window to enhance efficiency and customer service delivery
and an external proposal for a non-interest product by a non-interest financial
institution.


The Financial Markets Department (FMD) sustained its collaboration with all relevant
internal and external stakeholders in its efforts to deepen the Nigerian financial markets,
stimulate economic growth and promote financial systems stability.

6.3
Financial Stability Report Committee
The committee released the 2018 Report on the Nigerian financial system stability and
commenced processes to produce the 2019 half-year report. The 2018 Report reviewed
the soundness of the financial system, potential risks and efforts at sustaining its safety
and stability. It also provided an outlook on developments that would impact the
financial system as well as possible actions to mitigate threats.
The membership of the committee comprises the Financial Policy and Regulation,
Statistics, Trade and Exchange, Research, Monetary Policy, Banking Services, Reserve
Management, Strategy Management, Risk Management, Banking Supervision, Other
Financial Institutions Supervision, Development Finance and Financial Markets
Departments.
6.4 Fiscal Liquidity Assessment Committee
The inter-agency committee continued to provide valuable inputs on the examination
of funds flow in the economy to analyze its effects on interest, exchange rates and
inflation and proffer measures to keep them at desirable levels for economic growth
and development.
The membership of the Committee comprises the Nigerian National Petroleum
Corporation (NNPC), Office of the Accountant General of the Federation (OAGF),
Federal Ministry of Finance (FMF), Federal Inland Revenue Service (FIRS), Nigeria
Customs Service (NCS), Ministry of Mines and Steel Development, Debt Management
Office (DMO), Budget Office of the Federation (BOF) and the CBN.

6.5 Financial Services Regulation Coordinating Committee
The Financial Services Regulation Coordinating Committee (FSRCC) facilitated
efforts towards the implementation of the Nigeria Sustainable Finance Principles
(NSFP), Consolidated Examination of the Financial Holding Companies, the
implementation of the Executive Order on the Ease of Doing Business in Nigeria, as
well as setting up the Nigerian Financial System Stability Dashboard (FSSD) subcommittee that x-rays developments in the economy and the direction it is headed in
the areas of banking, insurance, pensions, and capital market sectors.
The FSRCC held one meeting in the first half of 2019, to aid the implementation of the
Nigeria Sustainable Finance Principles (NSFP). In addition, the Legal and Enforcement
Sub-Committee of the FSRCC setup a Technical Work Group (TWG) to develop a
framework to curtail activities of Illegal Fund Managers (IFMs) in the country.

7.0
MAJOR
DEVELOPMENTS
IN
THE
NIGERIAN
FINANCIAL
MARKETS
Policy measures by the various regulatory authorities, geared towards the
development of the financial system, influenced the conduct of operators and
impacted on the financial markets generally. Some of these policies included
enhancing financial inclusion, increasing fiscal revenue, strengthening insurance
service delivery, improving the quality of banknotes in circulation, enforcing rules on
money laundering, imposing stiffer sanctions on Direct Cash Settlement (DCS) and
E-dividend Mandate defaulters, and unfolding the new CBN five-year agenda.

7.1
Review of National Financial Inclusion Strategy
In the first half of 2019, the CBN reviewed the National Financial Inclusion Strategy
(NFIS), which was launched in 2012 to facilitate the achievement of its 2020 target of
reducing financially excluded adult population from 46.30 per cent as at 2010 to 20.00
per cent. The target aims to achieve 70 per cent of adult population in the formal
financial services sector and 10 per cent in the informal sector.
As at 2016, 96.4 million adults constituting 58.40 per cent of the target population were
financially included. This comprised 38.30 per cent banked, 10.30 per cent served by
other formal institutions, and 9.80 per cent served by informal service providers.

7.2
Enforcement of Clean Note Policy
To facilitate the implementation of clean note policy, the Bank imposed a penal fee of
₦1 million on any deposit money bank’s Branch found culpable of non-compliance
with its ‘Banknote Fitness Guidelines and Clean Note Policy’. The penalty is intended
to motivate DMBs to process and issue fit notes to members of the public.
7.3
Policy and Procedure Manual on Money Laundering
During the review period, the Bank released its ‘Anti-Money Laundering/Combating
the Financing of Terrorism (AML/CFT) Policy and Procedure Manual’ to strengthen
its internal processes and ensure its employees comply with AML/CFT laws and
regulations.
7.4 CBN Five-Year Agenda
Following his reappointment for a 5-year term, the Governor of CBN, Mr. Godwin
Emefiele, unfolded a new policy direction for the Bank, targeted at facilitating access
to financial services for 95 per cent of eligible Nigerians by 2024, collaborating with
fiscal authorities to achieve double-digit growth, bringing down inflation to single digit
and accelerating the rate of employment, amongst others as contained in the Box
Information on 5-Year Policy Thrust of the CBN.
7.5
Fiscal Drive for Increased Revenue Generation
To enhance revenue generation, the FIRS set a target to generate ₦8 trillion revenue in
2019 compared to ₦5.3 trillion generated in 2018. This drive was aimed at improving

fiscal revenue, and increasing revenue-debt service ratio and revenue-GDP ratio,
amongst other parameters.
7.6
Adoption of USSD Code by Nigerian Insurers Association
The Nigerian Insurers Association (NIA) introduced an Unstructured Supplementary
Service Data (USSD) Code, *565*11#, to check the proliferation of fake insurance
certificates in Nigeria. The service would be accessible through mobile phones, thereby
enabling direct communication with the Nigeria Insurance Industry Database (NIID)
system to retrieve information on insurance policy status when required, independent
of internet connectivity.
7.7
Development of Special Economic Zones
The Federal Government of Nigeria signed investment agreements with three
development finance institutions- African Export–Import Bank (Afreximbank); Bank
of Industry (BOI) and the Nigeria Sovereign Investment Authority (NSIA) for the
development of special economic zones in the country.
7.8 Recapitalisation of Insurance Firms
In the review period, the National Insurance Commission (NAICOM) raised the
minimum paid-up capital of insurance and reinsurance firms. Under the new capital
regime, implementable between May 20, 2019 and June 30, 2020, life insurance
underwriting firms would compulsorily shore up their capital to N8 billion from the
current minimum paid up share capital of ₦2 billion, representing a 300 percent
increase; while insurance firms underwriting general business are required to beef up

their capital to ₦10 billion from ₦3 billion. Composite insurance companies
underwriting both life and general business; are to raise their capital to ₦18 billion
from ₦5 billion, while reinsurance companies are to raise their minimum paid-up
capital to ₦20 billion from ₦10 billion.
7.9 Financial Regulation Advisory Council of Experts
During the review period, the Financial Regulation Advisory Council of Experts
(FRACE) undertook several activities that included participation in on-site
examination of Non-Interest Financial Institutions (NIFIs) alongside Banking
Supervision Department (BSD) and Other Financial Institutions Supervision
Department (OFISD), to assess Shari'ah compliance; the formulation of a framework
for the involvement of NIFIs in Commercial Agricultural Credit Scheme; the review
of Guide to Bank Charges applicable to NIFIs; modification of the operational
procedures for NIFI participation in the CBN foreign exchange window; and approved
members of the Advisory Committee of Experts (ACE) of newly proposed non-interest
banks, as well as some new financial products by Sterling and Jaiz Banks.
In addition, the FRACE approved the Uniform Underwriting Standards for NonInterest Housing Finance in Nigeria; developed a template for ACE to use in reporting
the disposal of non-permissible income; and conducted Shariah Audit training for
financial service regulators: Securities and Exchange Commission (SEC), National
Pension Commission (PENCOM), Nigeria Deposit Insurance Corporation (NDIC),
National Insurance Commission (NAICOM) and CBN.

APPENDIX 1
Index of Financial Markets Regulatory Circulars and Guidelines January – June 2019
S/N
DATE
ISSUED
REFERENCE NO.
TITLE
DEPT
REMARK

January
28, 2019
PSM/DIR/CIR/G
EN/01/002
Exposure
Draft
for
the
Regulations
on
End-to-End
Electronic Payment of Salaries
Pension and other Remittances,
Supplies
and
Revenue
Collections
in
Nigeria,
Revised,2018
PSMD
Revised

January
31, 2019
BKS/DIR/GEN/C
IR/06/001
Circular on the Additional Data
Files for Industry Customer
Account
Database
(ICAD)
Submission to NIBSS Plc.
BSD
New

February
28, 2019
BKS/DIR/CIR/G
EN/02/041
Re: Circular on the Revised
Nigerian
Cheque
Standard
(NCS) and Nigerian Cheque
BSD
Revised

Printers Accreditation Scheme
(NICPAS)

March 18,

FPR/DIR/GEN/C
IR/07/024
RE:
Review
of
Minimum
Capital
Requirement
for
Microfinance Banks in Nigeria
FPR
Revised

April 10,

BSD/DIR/GEN/L
AB/12/011/8
Guidance
Notes
on
the
Calculation
of
Capital
Requirement for Operational
Risk for Non-Interest Financial
Institutions in Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011/7
Guidelines on the Management
of Investment Account Holders
for
Non-Interest
Financial
Institutions in Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011/6
Guidance Notes on Supervisory
Review
Process
for
NonInterest Financial Institutions in
Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011/5
Guidance
Notes
on
the
Calculation
of
Capital
Requirement for Credit Risk for
Non-Interest
Financial
Institutions in Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011/4
Guidelines on the Practice of
Smoothing the Profit Payout to
Investment Account Holders
for
Non-Interest
Financial
Institutions in Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011/3
Guidance Notes on Regulatory
Capital
for
Non-Interest
Financial Institutions in Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011/2
Guidance Notes on Disclosure
Requirements
to
Promote
Transparency
&
Market
Discipline
for
Non-Interest
Financial Institutions in Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011/1
Guidance
Notes
on
the
Calculation
of
Capital
Requirement for Market Risk
for
Non-Interest
Financial
Institutions in Nigeria
BSD
New

April 10,

BSD/DIR/GEN/L
AB/12/011
Issuance of Final Guidelines on
Islamic
Financial
Services
Board Standards for Nigerian
Non-Interest
Financial
Institutions
BSD
New

April 18,

FPR/DIR/GEN/C
IR/O7/025
Exposure
Draft
of
the
Guidelines for Licensing and
Regulation
of
Primary
Mortgage Banks in Nigeria
FPRD
New

May 15,

PSM/DIR/GEN/C
IR/02/003
Request for Information on
Proposed PSV 2030
PSMD
New

June 10,

BKS/DIR/CIR/G
EN/02/045
Implementation of the Nigeria
Cheque Standard (NCS) and
Nigeria
Cheque
Printers
BSD
New

Accreditation
Scheme
(NICPAS) Version 2.0

June 13,

FPR/DIR/GEN/C
IR/07/030
Circular to all Banks on the
Commencement of the Export
Facilitation Initiative (EFI)
FPRD
New

June 21,

TED/FEM/FPC/
GEN/01/002
Notice of Meeting of Foreign
Exchange Officers of Banks
TED
New

Period

January
3,786.60

2,132.61

2,132.61

12.5500 - 15.0000
12.6000 - 15.0000
183.22

February
1,600.71

919.31

845.28

12.6000 - 14.5000
12.6000 - 14.4000
79.72

March
1,935.25

1,599.25

1,561.38

12.5000 - 14.4000
12.6000 - 14.4000
156.52

April
1,939.09

3,423.08

2,084.46

10.3100 - 14.4000
10.9000 - 14.4000
176.59

May
2,576.51

2,484.39

2,033.42

10.6000 - 14.4000
11.0000 - 14.4000
156.72

June
2,134.69

1,092.61

1,086.61

11.0500 - 12.5000
11.0500 - 12.1500
95.56

Total
13,972.84

11,651.25

9,743.76

848.32
Period

January
4,428.78

3,113.72

3,113.72

11.7500-15.0000
11.9000-15.0000
378.45

214.00

February
2,794.16

3,721.50

3,474.13

11.9000-15.0000
11.9000-15.0000
444.11

236.00

March
2,049.31

2,574.90

2,158.57

11.0000-14.4000
11.0500-14.4000
145.27

188.00

April
699.92

991.41

841.20

11.5000-14.3000
11.7800-14.3000
103.71

253.00

May
898.74

1,529.97

1,152.69

10.7500-13.0290
11.4000-13.0290
125.63

241.00

June
1,024.05

1,166.12

1,130.62

11.3300-13.0290
11.4000-13.0290
99.86

243.00

Total
11,894.96

13,097.62

11,870.93

1,297.03

Table 2.1
OMO Subscription and Sales
Offer
(₦’Billion)
Subscription
(₦’Billion)
Sales
(₦’Billion)
Bid Rate (%)
Stop Rate (%)
Cost of Liquidity
Management
(₦'Billion)
Average Tenor
Cost of Liquidity
Management
(₦'Billion)
Average Tenor
Offer
(₦’Billion)
Subscription
(₦’Billion)
Sales
(₦’Billion)
Bid Rate (%)
Stop Rate (%)

Amount (₦’Billion)
Interest (₦’Billion)
Total (₦’Billion)
Range of Rate (%)
Range of Tenor
(Days)
January

February

March

April

May

June

Total


Amount (₦’Billion)
Interest (₦’Billion)
Total (₦’Billion)
Range of Rate (%)
Range of Tenor
(Days)
January

February

March

April

May

June

Total

Table 2.2
Repurchase Transactions

Period
Direct SLF (₦)
ILF Conversion (AREPO) (₦)
Total (₦)
Interest (₦)
Transaction Days
Average SLF (including
ILF) (₦)
Average ILF (₦)
Average Interest (₦)
Total (₦)

January
205,043,529,300.00 628,047,501,300.53 833,091,030,600.53 613,302,588.66

37,867,774,118.21 28,547,613,695.48 27,877,390.39 37,895,651,508.60
February
366,992,720,400.00 653,157,556,760.45 1,020,150,277,160.45 727,179,050.57

51,007,513,858.02 32,657,877,838.02 36,358,952.53 51,043,872,810.55
March
98,010,001,850.00 854,218,036,339.78 952,228,038,189.78 751,811,044.34

45,344,192,294.75 40,677,049,349.51 35,800,525.92 45,379,992,820.67
April
- 1,145,520,519,914.39 1,145,520,519,914.39 949,916,184.33

57,276,025,995.72 57,276,025,995.72 47,495,809.22 57,323,521,804.94
May
529,664,019,650.00 1,318,030,234,651.62 1,847,694,254,301.62 1,386,963,674.70

87,985,440,681.03 62,763,344,507.22 66,045,889.27 88,051,486,570.30
June
253,287,207,350.00 975,492,511,171.99 1,228,779,718,521.99 1,003,755,614.61

64,672,616,764.32 51,341,711,114.32 52,829,242.87 64,725,446,007.19
Total
1,452,997,478,550.00 5,574,466,360,138.76 7,027,463,838,688.76 5,432,928,157.20

344,153,563,712.04 273,263,622,500.27 266,407,810.20 344,419,971,522.25
Average
242,166,246,425.00

929,077,726,689.79

1,171,243,973,114.79

905,488,026.20

57,358,927,285.34

45,543,937,083.38

44,401,301.70

57,403,328,587.04

Period
Direct SLF (₦)
ILF Conversion (AREPO) (₦)
Total (₦)
Interest (₦)
Transaction Days
Average SLF (including
ILF) (₦)
Average ILF (₦)
Average Interest (₦)
Total (₦)

January
2,086,569,262,450.00 1,140,360,062,197.67 3,232,632,239,716.16 2,220,901,995.89 22.00 146,937,829,078.01 52,093,771,693.92 100,950,090.72 147,038,779,168.73
February
2,351,915,826,750.00 976,887,326,264.73 3,328,803,153,014.73 2,134,858,766.03 20.00 166,440,157,650.74 48,844,366,313.24 106,742,938.30 166,546,900,589.04
March
1,084,211,127,835.42 871,543,988,723.02 1,955,755,116,558.44 1,403,478,675.69 21.00 93,131,196,026.59 41,502,094,701.10 66,832,317.89 93,198,028,344.48
April
1,344,496,466,000.00 667,434,106,150.00 2,011,930,572,150.00 1,283,635,022.39 20.00 100,596,528,607.50 33,371,705,307.50 64,181,751.12 100,660,710,358.62
May
516,473,309,250.00 380,349,776,689.13 896,823,085,939.13 600,424,075.12 21.00 24,593,967,107.14 18,111,894,128.05 28,591,622.62 24,622,558,729.77
June
391,182,750,200.00 324,145,266,800.00 715,328,017,000.00 576,746,601.80 17.00 42,078,118,647.06 19,067,368,635.29 33,926,270.69 42,112,044,917.75
Total
7,774,848,742,485.42 4,360,720,526,824.55 12,141,272,184,378.50 8,220,045,136.91 121.00 573,777,797,117.04 212,991,200,779.10 401,224,991.35 574,179,022,108.39
Average
1,295,808,123,747.57

726,786,754,470.76

2,023,545,364,063.08

1,370,007,522.82

20.17

95,629,632,852.84

35,498,533,463.18

66,870,831.89

95,696,503,684.73

Table 2.3
Standing Lending Facility (SLF)

Period
Total SDF
(₦)
Interest
(₦)
Transaction Days
Average SDF
(₦)
Average Interest
(₦)
Total
(₦)
January
1,919,775,000,000.00
619,361,506.85

87,262,500,000.00
28,152,795.77

87,290,652,795.77

February
1,144,096,000,000.00
404,963,316.31

57,204,800,000.00
18,840,526.03

57,223,640,526.03

March
1,508,748,000,000.00
673,616,219.18

75,437,400,000.00
30,618,919.05

75,468,018,919.05

April
2,952,198,000,000.00
1,033,611,287.67

147,609,900,000.00
49,219,585.13

147,659,119,585.13

May
1,527,038,000,000.00
528,131,835.62

76,351,900,000.00
26,406,591.78

76,378,306,591.78

June
1,632,510,000,000.00
616,268,219.18

85,921,578,947.37
29,346,105.68

85,950,925,053.04

Total
10,684,365,000,000.00
3,875,952,384.81

529,788,078,947.37
182,584,523.43
529,970,663,470.80
Average

Period
Total SDF
(₦)
Interest
(₦)
Transaction Days
Average SDF
(₦)
Average Interest
(₦)
Total
(₦)

January
976,655,000,000.00

305,273,835.62

44,393,409,090.91

13,876,083.44

44,407,285,174.35

February
704,410,000,000.00

272,502,739.73

35,220,500,000.00

13,625,136.99

35,234,125,136.99

March
1,402,260,000,000.00

481,204,178.08

66,774,285,714.29

22,914,484.67

66,797,200,198.96

April
1,056,755,000,000.00

302,370,616.44

52,837,750,000.00

15,118,530.82

52,852,868,530.82

May
2,178,207,960,000.00

741,928,429.04

103,724,188,571.43

35,329,925.19

103,759,518,496.62

June
1,748,917,000,000.00

578,157,657.53

102,877,470,588.24

34,009,273.97

102,911,479,862.21

Total
8,067,204,960,000.00

2,681,437,456.44

405,827,603,964.86

134,873,435.08

405,962,477,399.94

Average
1,344,534,160,000.00

446,906,242.74

20.17
67,637,933,994.14

22,478,905.85

67,660,412,899.99

Table 2.4
Standing Deposit Facility (SDF)

Period
Amount
(₦’Billion)
Interest
(₦’Billion)
Rate
(%)
Tenor
(Days)

January
0.00
0.00
0.00
N/A
February
0.00
0.00
0.00
N/A
March
0.00
0.00
0.00
N/A
April
0.00
0.00
0.00
N/A
May
0.00
0.00
0.00
N/A
June
0.00
0.00
0.00
N/A
Total
0.00
0.00
0.00
N/A
Period
Amount
(₦’Billion)
Interest
(₦’Billion)
Rate
(%)
Tenor
(Days)

January
54.44
6.59
13.50 170-352
February

N/A
March

N/A
April

N/A
May

N/A
June

N/A
Total
54.44
6.59
13.50 170-352
Table 2.5 Rediscounting

Period
Call
Tenored
Call + Tenored OBB
Total

January

February

March

April

May

June

Total

Period
Call
Tenored
Call+Tenored
OBB
Total

January
5.50
-

5.50
135.56

141.06

February
6.82
-

6.82
154.81

161.63

March
5.90
-

5.90
216.20

222.10

April
6.38
22.37

28.75
181.61

210.36

May
5.90
-

5.90
195.13

201.03

June
6.42
16.19

22.61
246.30

268.91

Total


Monthly Average Inter-Bank Placements (₦'Billion)
Table 2.6

Item
January
February
March
April
May
June
Inter-Bank Call
Range of Bid Rate

Weighted Average Rate

Inter-Bank (Tenored)
Range of Bid Rate

Weighted Average Rate

NIBOR Rates
Call NIBOR

30-day NIBOR

Open-Buy-Back (OBB)
Range of Bid Rate

Weighted Average Rate

OMO
Range of Issue Rate
Range of Tenor (Days)
NTB Primary Issue Rates (%)
MPR

Savings
Time Deposits
Lending Tenored
Item
January
February
March
April
May
June
Range of Bid Rate

Weighted Average Rate

Range of Bid Rate

Weighted Average Rate

Call NIBOR

30-day NIBOR

Range of Bid Rate

Weighted Average Rate

Range of Issue Rate

Range of Tenor (Days)

NTB Primary Issue Rates (%)

MPR

Savings

Time Deposits
Lending Tenored

OMO
Monthly Money Market Rates (Per cent), 2019
Monthly Money Market Rates (Per cent), 2018
Table 2.7
Inter-Bank Call
Inter-Bank (Tenored)
NIBOR Rates
Open-Buy-Back (OBB)
Beneficiary
Assumed Bank
Tranche
Issue Date
Issue Amount
(₦) Billion
Applicable Rate
(%)
Redemption Date
Interest Pay Date
Effective Date

Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil

Ecobank
AIB

21/01/2019
0.002

13/11/2019
14/05/2019
14/11/2018
Table 2.8
Promissory Notes

Period
NAFEX SALES Invisible Sales
SME Sales
Amount Sold at
the Inter-bank
Spot
Amount Sold at
FWD
Total Sales
Amount
Purchased
Net Sales
Amount
Matured at
FWD
January
-

140.50

122.50

154.20

925.92

1,343.12

1,978.65

(635.53)

801.43

February
-

112.40

98.00

135.50

891.36

1,237.26

1,210.27

26.99

1,022.82

March
-

112.40

98.00

201.60

888.93

1,300.93

1,466.26

(165.33)

825.47

April
46.40

140.50

122.50

270.86

842.09

1,422.35

1,045.34

377.01

1,020.56

May
646.78

142.50

98.00

393.69

758.54

2,039.51

240.33

1,799.18

1,150.96

June
543.51

120.40

98.00

390.58

1,004.25

2,156.74

495.62

1,661.12

860.53

Total
1,236.69

768.70

637.00

1,546.43

5,311.09

9,499.91

6,436.47

3,063.44

5,681.77

Period
NAFEX SALES Invisible Sales
SME Sales
Amount Sold at
the Inter-bank
Spot
Amount Sold at
FWD
TOTAL
SALES(US$)
Amount
Purchased
Net Sales
Amount
Matured at
FWD
January
201.41

96.50

124.50

376.90

591.37

1,390.69

1,016.90

373.79

1,024.08

February
10.70

88.80

134.00

320.52

1,368.20

1,922.24

2,063.64

(141.40)

1,010.88

March
-

88.80

134.00

340.25

596.72

1,159.77

3,766.60

(2,606.83)

926.63

April
-

107.00

161.50

352.17

623.64

1,244.31

1,354.63

(110.32)

879.43

May
-

84.80

128.00

397.92

844.31

1,455.04

716.80

738.24

557.67

June
-

84.80

128.00

354.87

547.79

1,115.47

450.35

665.12

580.77

Total
212.11

550.70

810.00

2,142.63

4,572.03

8,287.52

9,368.92

(1,081.40)

4,979.46

Table 3.1
Foreign Exchange Transactions (US$ Million)

I & E window
(₦/US$)
Inter-Bank
(₦/US$)
BDC
(₦/US$)
Premium b/w
Inter-Bank and
BDC (₦/US$)
Premium b/w
I&E and BDC
(₦/US$)
% Premium
b/w Interbank
and BDC
% Premium
b/w I&E and
BDC
Jan-18
360.53

305.78

363.20

57.43

2.67

15.81

0.74

Feb-18
360.35

305.90

362.48

56.58

2.13

15.61

0.59

Mar-18
360.25

305.74

362.07

56.33

1.82

15.56

0.50

Apr-18
360.27

305.61

362.25

56.64

1.98

15.64

0.55

May-18
361.19

305.83

362.81

56.98

1.62

15.71

0.45

Jun-18
361.06

305.87

360.66

54.79

(0.40)

15.19

(0.11)

Average
360.61

305.79

362.24

56.46

1.64

15.59

0.45

I & E window
(₦/US$)
Inter-Bank
(₦/US$)
BDC
(₦/US$)
Premium b/w
Inter-Bank and
BDC (₦/US$)
Premium b/w
I&E and BDC
(₦/US$)
% Premium
b/w Interbank
and BDC
% Premium
b/w I&E and
BDC
Jan-19
363.76

306.85

360.94

54.10

(2.82)

14.99

(0.78)

Feb-19
361.82

306.77

359.69

52.92

(2.13)

14.71

(0.59)

Mar-19
360.49

306.92

359.24

52.31

(1.25)

14.56

(0.35)

Apr-19
360.44

306.96

359.00

52.04

(1.44)

14.50

(0.40)

May-19
360.73

306.95

359.75

52.80

(0.98)

14.68

(0.27)

Jun-19
360.64

306.95

359.94

52.99

(0.70)

14.72

(0.19)

Average
361.31

306.90

359.76

52.86

(1.55)

14.69

(0.43)

Table 3.2
I & E, Inter-Bank and BDC Rates

Period

Open
Close
Open
Close
Open
Close
Open
Close
Open
Close
January

February

March

April

May

June


Open
Close
Open
Close
Open
Close
Open
Close
Open
Close
January

February

March

April

May

June

The Nigerian Stock Exchange Monthly Opening and Closing Transactions
Table 4.1
All Share Index
Market Capitalisation
(₦'Trillion)
Value Traded
(₦'Billion)
Volume Traded
(Billion)
Deals

Period
Volume Traded
Value Traded (₦)
Deals
Quarter 1
43,819,048,886.00

439,487,594,088.95

384,687

Quarter 2
24,170,726,974.00

376,856,507,705.86

278,579

Total
67,989,775,860.00

816,344,101,794.81

663,266

Period
Volume Traded
Value Traded (₦)
Deals
Quarter 1
20,703,300,811.00

208,774,719,066

241,583

Quarter 2
25,518,797,280.00

329,796,828,531

222,359

Total
46,222,098,091.00

538,571,547,597.33

463,942

Quarterly Distribution of Transactions on the Nigerian Stock Exchange
Table 4.2

Sector
Volume
Value (₦)
No. of Deals
Percentage
Agriculture
256,291,420.00

6,627,328,675.99

7,982.00

0.38
Conglomerates
8,492,773,790.00

22,579,615,907.49

30,156.00

12.70
Construction/Real Estate
100,550,174.00

817,196,984.64

4,407.00

0.15
Consumer Goods
3,732,468,867.00

167,680,526,218.81

108,783.00

5.58
Financial Services
48,886,437,655.00

521,017,667,538.10

389,926.00

73.11
Healthcare
533,882,253.00

4,462,615,725.75

10,945.00

0.80
ICT
118,309,188.00

131,736,995.84

1,272.00

0.18
Industrial Goods
747,278,111.00

48,945,279,819.46

27,534.00

1.12
Natural Resources
263,448,617.00

86,981,661.70

928.00

0.39
Oil and Gas
2,318,503,281.00

23,387,448,750.70

46,807.00

3.47
Services
1,412,673,433.00

2,894,255,311.89

18,095.00

2.11
Total (Equities)
66,862,616,789.00

798,630,653,590.37

646,835.00

100.00

Federal Government of Nigeria Bonds
287,702.00

289,363,938.35

416.00

Exchange Traded Products (ETPs)
9,087,047.00

175,394,473.85

308.00

Grand Total
66,871,991,538.00

799,095,412,002.57

647,559.00

Sector
Volume
Value (₦)
No. of Deals
Percentage
Agriculture
68,212,874.00

1,941,749,060.24

3,715.00

0.19
Conglomerates
2,351,372,831.00

5,064,428,967.11

20,265.00

6.65
Construction/Real Estate
307,647,923.00

5,107,205,385.31

3,073.00

0.87
Consumer Goods
1,565,354,856.00

62,143,740,164.97

58,285.00

4.43
Financial Services
26,992,936,972.00

225,554,703,514.25

244,982.00

76.39
Healthcare
272,197,368.00

638,300,290.97

6,057.00

0.77
ICT
1,628,074,846.00

52,537,997,869.55

7,776.00

4.61
Industrial Goods
523,871,971.00

28,148,890,697.80

23,364.00

1.48
Natural Resources
9,600,372.00

8,045,246.03

319.00

0.03
Oil and Gas
1,198,532,984.00

8,720,873,354.07

27,303.00

3.39
Services
419,691,658.00

1,225,237,353.96

8,829.00

1.19
Total (Equities)
35,337,494,655.00

391,091,171,904.26

403,968.00

100.00
Federal Government of Nigeria Bonds
980,462.00

994,868,490.70

332.00

Exchange Traded Products (ETPs)
3,182,142.00

36,224,941.64

161.00

Grand Total
35,341,657,259.00

392,122,265,336.60

404,461.00

Table 4.3
Sectoral Distribution of Transactions on the Nigerian Stock Exchange, January - June 2018 and 2019
January - June 2018
January - June 2019

Month
Total Transactions
(₦' Billion)
Total Foreign Inflow
(₦' Billion)
Total Foreign
Outflow (₦' Billion)
Total Domestic
Transaction (₦' Billion)
Foreign
Transactions
%
January
394.44

91.75

74.64

228.05

42.18

February
212.05

44.89

38.33

128.83

39.25

March
272.48

69.71

62.50

140.27

48.52

April
212.23

64.28

58.25

89.70

57.73

May
318.27

62.06

130.89

125.32

60.62

June
187.78

47.96

54.45

85.37

54.54

Total
1,597.25

380.65

419.06

797.54

50.07

Month
Total Transactions
(₦' Billion)
Total Foreign Inflow
(₦' Billion)
Total Foreign
Outflow (₦' Billion)
Total Domestic
Transaction (₦' Billion)
Foreign
Transactions
%
January
122.08

27.81

39.04

55.23

54.76

February
188.08

43.93

55.01

89.14

52.61

March
110.11

25.89

30.20

54.02

50.94

April
148.91

41.78

34.14

72.99

50.98

May
221.13

37.90

39.35

143.88

34.93

June
297.25

44.30

52.44

200.51

32.54

Total
1,087.56

221.61

250.18

615.77

43.38

Table 4.4
Foreign Portfolio Participation in Equity Trading

Company
Amounts/Units Listed
Date Listed
Lagos State Government
A total volume of 46.370 million units of 16.75% LAB AUG 2024 and 38.770 million units of
17.25% LAB AUG 2027
4th of January
Debt Management Office of the Federal Government of Nigeria
A total volume of 196,165 units of 12.738% FGNSB DEC 2020, 50,253 units of 11.738%
FGNSB DEC 2019
10th of January
Debt Management Office of the Federal Government of Nigeria
A total volume of 73,054, 123,253, 32,821 and 235,017 units of 11.098% FGNSB JAN 2020,
12.098% FGNSB JAN 2021, 10.277% FGNSB FEB 2020 and 11.277% FGNSB FEB 2021
respectively were admitted to trade at the Exchange
5th of March
Debt Management Office of the Federal Government of Nigeria
A total volume of 52,435,102 units of 13.98% FGN FEB 2028 was admitted to trade at the
Exchange
20th of March
Debt Management Office of the Federal Government of Nigeria
A total volume of 8,905,003 units of 13.53% FGN MAR 2025. The 8,905,003 units were offered
at N1,000 per unit with total amount of N8,905,003,000 realized.
3rd of May
Debt Management Office of the Federal Government of Nigeria
A total volume of 38,289,277 units of 12.75% FGN APR 2023. The 38,289,277 units were
offered at N1000 per unit with total amount of N38,289,277,000 realized.
8th of May
Debt Management Office of the Federal Government of Nigeria
A total volume of 30,523, 121,300, 64,922, 129,006, 21,440 and 157,186 units of FGS202024,
FGS202125, FGS202026, FGS202127, FGS202028 and FGS202129, respectively
12th of June
Debt Management Office of the Federal Government of Nigeria
A total volume of 50,754 units of 10.344% FGNSB June 2020 and 317,533 units of 11.344%
FGNSB June 2021
28th of June
Debt Management Office of the Federal Government of Nigeria
A total of 2,359 units of Federal Government valued at N2.188 million were traded this week in
24 deals, compared with a total of 6,108 units valued at N3.710 million transacted last week in 13
deals
July 6th 2018
Debt Management Office of the Federal Government of Nigeria
A total quantity of 21,034,773, 7,923,500 and 8,790,000 units were added to the following bonds
13.98% FGN Feb 2028, 13.53% FGN MAR 2025, and 12.75% FGN APR 2023 respectively on
Monday July 23, 2018.
July 13th 2018
Debt Management Office of the Federal Government of Nigeria
a total volume of 10,690,000 units of 13.48% FGN DEC 2022 was admitted to trade at the
Exchange today Friday, July 20, 2018.
July 20
th 2018
Debt Management Office of the Federal Government of Nigeria
A total volume of 79,985 units of 10.483% FGNSB JULY 2020 and 263,065 units of 11.738%
FGNSB DEC 2019 were admitted to trade at the Exchange on the 1st of August, 2018.
August 3rd, 2018
Debt Management Office of the Federal Government of Nigeria
A total of 7,787 units of Federal Government Bond valued at N8.005 million were traded this
week in 11 deals compared with a total of 16,463 units valued at N18.200 million transacted last
week in 27 deals.
August 10th, 2018
Debt Management Office of the Federal Government of Nigeria
A total volume of 28,200,000 units of 17.50% N28.2billion fixed rate bond issued by Plateau
State were admitted to trade at the Exchange on the 9th of August, 2018
August 10th, 2018
Debt Management Office of the Federal Government of Nigeria
A total volume of 7,000,000 units of 16.54% N7 Billion Senior Secured Series 1 Bond issued by C
& I Leasing Plc were admitted to trade at the Exchange on Friday,17th August, 2018.
August 17th, 2018
Debt Management Office of the Federal Government of Nigeria
A total volume of 4,355,000 units of 16.00% UPD APR 2023 issued by UACN Property
Development Company Plc were admitted to trade at the Exchange on Tuesday,14th August,
2018.
August 17th, 2018
Debt Management Office of the Federal Government of Nigeria
Flour Mills of Nigeria Plc’s N10,110,000,000, 3-Year 15.50% Fixed Rate Senior Unsecured Bond
Due 2021 (Series 1); and N10,000,000,000, 5-Year 16% Fixed Rate Senior Unsecured Bond Due
2023 (Series 2) issued under the N70,000,000,000 Bond Issuance Program were today, Friday, 7
December 2018 listed on The Exchange.
December 7, 2018

Table 4.5 Listings
New Listings, Supplementary Listing and Delisting in the First Half of 2018
New Listing

Company
Amounts/Units Listed
Reason
Union Bank of Nigeria Plc
An additional volume of 12,133,646,995 ordinary shares of Union Bank of Nigeria Plc (“Union
Bank”) were listed on The Daily Official List of The Exchange on the 12th of January, 2018.
With this listing, the company’s total issued and fully paid up shares now stands at
29,120,752,788 ordinary shares
These additional shares were as a result of the just
concluded Union Bank of Nigeria Plc right issue of 5
new ordinary shares for every 7 ordinary shares held
as at 21 August 2017
Nigerian Breweries Plc
An additional volume of 67,801,163 ordinary shares of Nigerian Breweries Plc (“NB”) were listed
on The Daily Official List of The Exchange on the 24th of January, 2018. With this listing, the
company’s total issued and fully paid up shares now stands at 7,996,902,051 ordinary shares
These additional shares were as a result of the Scrip
Dividend Scheme offered to eligible shareholders of
Nigerian Breweries Plc, who elected to receive new
ordinary shares in lieu of cash dividends with respect
to the 258 kobo final dividend declared for the year
ended 31 December 2017
Debt Management Office of the Federal Government of Nigeria An additional volume of 39,374,090 units and 134,648,698 units were added to 14.50% FGN JUL
2021 and 16.2884% FGN MAR 2027, respectively on the 25th of January 2018
Additional Bond Issues
Seplat Petroleum Development Company Plc
An additional volume of 25,000,000 ordinary shares of 50 kobo each of Seplat Petroleum
Development Company Plc were listed on The Daily Official List of The Exchange on the 1st of
February, 2018. With this listing, the company’s total issued and fully paid up shares now stands
at 588,444,561 ordinary shares
These additional shares were as a result of the
company’s Long Term Incentive Plan (LTIP) for
the benefit of it’s employees
Debt Management Office of the Federal Government of Nigeria An additional volume of 45,122,840 units and 64,877,160 units were added to 14.50% FGN JUL
2021 and 16.2884% FGN MAR 2027, respectively on the 2nd of Feburary, 2018.
Additional Bond Issues
UAC of Nigeria Plc
An additional volume of 960,432,193 units of UAC of Nigeria Plc were added to its outstanding
shares on Friday 2nd of March, 2018. By this action, the total outstanding shares of the
company now stood at 2,881,296,580.
Resulting from Right Issue
7-Up Bottling Company Plc
The entire share capital of Seven-Up Bottling Company Plc (“SBC”) were delisted from The
Daily Official List of The Nigerian Stock Exchange on Monday, 12th of March 2018. The
delisting of the entire issued share capital of SBC followed its shareholders’ approval of a Scheme
of Arrangement to restructure and delist from The Exchange
VETBANK, VETGOODS and VETINDETF
Additional volumes 83,704,193, 14,281,216 and 5,526,523 units of VETBANK, VETGOODS and
VETINDETF were added to their respective outstanding shares on the 9th of March, 2018. By
this action, the outstanding volume of these ETPs now stand at 154,408,386, 26,362,432 and
10,053,046, respectively
Additional Shares
Lafarge Africa Plc
An additional volume of 3,097,653,023 units of Lafarge Africa Plc were added to its outstanding
shares on Thursday, 22nd of March, 2018. By this action, the total outstanding shares of the
company now stands at 8,673,428,240
Resulting Right issue
Debt Management Office of the Federal Government of Nigeria An additional volume of 27,179,600 units was added to 14.50% FGN JUL 2021 on the 20th of
March, 2018
Additional Bond Issues
Morison Industries Plc
An additional volume of 836,983,125 ordinary shares of Morison Industries Plc were listed on
The Daily Official List of The Exchange on Monday, 26 March 2018. With this listing of
836,983,125 ordinary shares of 50 kobo each, the total issued and fully paid up shares of Morison
has now increased from 152,178,750 to 989,161,875 ordinary shares of 50 kobo each
The additional shares listed arose from Morison
Rights Issue of 836,983,125 ordinary shares of 50
kobo each at N0.60 per share on the basis of eleven
(11) new ordinary shares for every two (2) ordinary
shares held as at Friday, 25 August 2017.
Debt Management Office of the Federal Government of Nigeria Additional volumes of 10,053,532 units and 45,102,500 units were added to 14.50% FGN JUL
2021 and 13.98% FGN FEB 2028 bonds respectively on Friday, 20th April, 2018.
Additional Bond Issues
Flour Mills of Nigeria Plc
An additional volume of 1,476,142,418 units of Flour Mills of Nigeria Plc was admitted to the
Daily Official List of The Exchange on the 26th of April, 2018
These additional shares arose from the Rights Issue of
1,476,142,418 ordinary shares of 50 kobo each at
N27 per share on the basis of 9 new ordinary shares
for every 16 ordinary shares held as at 8 December
2017. With this supplementary listing, the total
issued and fully paid up shares of the Company now
stands at 4,100,379,605 ordinary shares.
Debt Management Office of the Federal Government of Nigeria An additional volume of 63,960,722 and 37,750,001 units were added to 13.98% FGN Feb 2028
and 13.53% FGN MAR 2025 respectively on the 22nd of May, 2018
Additional Bond Issues
Debt Management Office of the Federal Government of Nigeria
An additional volume of 53,485,990, 23,435,990 and 3,500,000 units were added to the
outstanding volumes of 13.98% FGN Feb 2028, 13.53% FGN MAR 2025 and 12.75% FGN APR
2023, respectively on the 27th of June, 2018
Additional Bond Issues
Notore Chemicals & Industries
A total volume of 1,612,066,200 ordinary shares of 50k each of Notore Chemical & Industries
Plc at N62.50 per share were admitted on the Daily Official List of the Exchange on the 2 nd of
August, 2018.
Resulting Right issue
Debt Management Office of the Federal Government of Nigeria
Additional volumes of 46,394,252, 11,580,600 and 8,925,500 units were added to the following
bonds 13.98% FGN Feb 2028, 13.53% FGN MAR 2025, and 12.75% FGN APR 2023 respectively
on Tuesday August 7, 2018.
Additional Bond Issues
Debt Management Office of the Federal Government of Nigeria
A total quantity of 71,880,802, 7,375,510 and 17,482,004 units were added to the following
bonds 13.98% FGN FEB 2028, 13.53% FGN MAR 2025, and 12.75% FGN APR 2023
respectively on Thursday October 11, 2018.
Debt Management Office of the Federal Government of Nigeria
Additional volumes of 55,290,601, 20,142,251 and 12,650,000 units were added to the following
bonds 13.98% FGN FEB 2028, 13.53% FGN MAR 2025, and 12.75% FGN APR 2023
respectively on Monday, 26 November, 2018.
Debt Management Office of the Federal Government of Nigeria
A total quantity of 21,034,773, 48,495,001 and 40,217,000 units were added to the following
bonds 13.98% FGN Feb 2028, 13.53% FGN MAR 2025, and 12.75% FGN APR 2023 respectively
on Tuesday September 4, 2018.
Company
Amounts/Units Listed
Date Listed
Stanbic IBTC
An additional volume of 64,208,713 units of Stanbic IBTC Holdings Plc resulting from the Scrip
Dividend offered to eligible shareholders who were elected to receive new ordinary shares in lieu of
cash dividends with respect to the 50 kobo dividend declared for the year ended 31 December
2017 were added to its outstanding shares on Thursday 9th of August, 2018. By this action, the
August 10, 2018
DeListing
None
N/A
Paints and Coatings Manufacturers Nigeria Plc
The entire issued share capital of Paints and Coatings Manufacturers Nigeria Plc was delisted from
the Daily Official List of The Nigerian Stock Exchange in compliance with the company’s
request for voluntary delisting and the subsequent approval of the Exchange effective 17th of
August 2018.
August 17th, 2018
Supplementary Listing

Amounts/Units Listed
Date Listed
FGN Bond
A total of 17,996 units of Federal Government Bonds valued at N18.426 million were
traded this week in 10 deals compared with a total of 7,209 units valued at N6.958
million transacted last week in 8 deals
11th January 2019
Debt Management Office of the Federal Government of
Nigeria
A total volume of 21,731 units of 12.125% FGS JAN 2021 and 414,519 units of
13.125% FGS JAN 2022 were admitted to trade at the Exchange on the 25th of
January, 2019.
25th January 2019
FGN Bond
A total of 4,336 units of Federal Government Bonds valued at N4.308 million were
traded this week in 26 deals compared with a total of 3,498 units valued at N3.131
million transacted last week in 20 deals.
2nd February 2019
FGN Bond
A total of 2,668 units of Federal Government Bonds valued at N2.886 million were
traded this week in 14 deals compared with a total of 4,336 units valued at N4.308
million transacted last week in 26 deals.
8th February 2019
FGN Bond
A total of 1,460 units of Federal Government Bonds valued at N1.472 million were
traded this week in 9 deals compared with a total of 2,668 units valued at N2.886
million transacted last week in 14 deals
15th February 2019
FGN Bond
A total of 5,845 units of Federal Government Bonds valued at N6.158 million were
traded this week in 18 deals compared with a total of 1,460 units valued at N1.472
million transacted last week in 9 deals.
22nd February 2019
FGN Bond
A total of 25,740 units of Federal Government Bonds valued at N26,597 million were
traded this week in 22 deals compared with a total of 5,845 units valued at N6.158
million transacted last week in 18 deals.
1st March 2019
Debt Management Office of the Federal Government of
Nigeria
A total volume of 122,245 units of 12.050% FGS FEB 2021and 223,650 units of
13.050% FGS FEB 2022 were admitted to trade at the Exchange on the 26th of
February, 2019
1st March 2019
FGN Bond
A total of 15,496 units of Federal Government Bonds valued at N15.750 million were
traded this week in 12 deals compared with a total of 25,740 units valued at N26,597
million transacted last week in 22 deals.
8th March 2019
FGN Bond
A total of 201units of Federal Government Bonds valued at N205,083.12 were traded
this week in 2 deals compared with a total of 15,496 units valued at N15.750 million
transacted last week in 12 deals.
15th March 2019
FGN Bond
A total of 2,224 units of Federal Government Bonds valued at N2.324 million were
traded this week in 18 deals compared with a total of 201 units valued at N205,083.12
transacted last week in 2 deals.
29th March 2019
FGN Bond
A total of 3,453 units of Federal Government Bonds valued at N3.565 million were
traded this week in 24 deals compared with a total of 2,224 units valued at N2.324
million transacted last week in 18 deals.
29th March 2019
FGN Bond
A total of 18,042 units of Federal Government Bonds valued at N19.685 million were
traded this week in 24 deals compared with a total of 3,453 units valued at N3.565
million transacted last week in 24 deals.
5th April 2019
FGN Bond
A total of 787,527 units of Federal Government Bonds valued at N795 million were
traded this week in 26 deals compared with a total of 18,042 units valued at N19.685
million transacted last week in 24 deals.
12-Apr-19
FGN Bond
A total of 14,246 units of Federal Government Bonds valued at N14.980 million were
traded this week in 17 deals compared with a total of 787,527 units valued at N795
million transacted last week in 26 deals.
18th April 2019
FGN Bond
A total of 14,589 units of Federal Government Bonds valued at N15.164 million were
traded this week in 12 deals compared with a total of 41,150 units valued at N43.977
million transacted last week in 11 deals.
3rd May 2019
Debt Management Office of the Federal Government of
Nigeria
A total volume of 126,317 units of 11.276% FGS APR 2021 and 627,796 units of
12.276% FGS APR 2022 were admitted to trade at the Exchange on the 2nd of May,
2019.
3rd May 2019
Debt Management Office of the Federal Government of
Nigeria
A total volume of 120,699 units of 11.745% FGS MAY 2021 and 411,956 units of
12.745% FGS MAY 2022 were admitted to trade at the Exchange on the 3rd June,
2019.
3rd June 2019
FGN Bond
A total of 23,941 units of Federal Government Bonds valued at N24.584 million were
traded this week in 26 deals compared with a total of 1,057 units valued at N1.060
million transacted last week in 7 deals.
7th June2019
FGN Bond
A total of 235 units of Federal Government Bonds valued at N229,216.74 were traded
this week in 14 deals compared with a total of 23,941units valued at N24,584 million
transacted last week in 26 deals.
14th June 2019
FGN Eurobonds
14th June 2019
FGN Bond
A total of 21,682 units of Federal Government Bonds valued at N22.552 million were
traded this week in 29 deals compared with a total of 235 units valued at N229,216.74
transacted last week in 14 deals.
21th June 2019
FGN Bond
A total volume of 108.806 million units of 11.418% FGS JUN 2021 and 329.275 million
units of 12.418% FGS JUN 2022 were admitted to trade at the Exchange on the 27th of
June, 2019.
27th June, 2019
New Listing
New Listings, Supplementary Listing and Delisting

Table 4.5 Listings ctd

Company
Amounts/Units Listed
Reason
Debt Management Office of the Federal Government of
Nigeria
A total volume of 30,020 units of 12.390% FGS NOV 2020, 341,328 units of 13.390%
FGS NOV 2021, 63,959 units of 12.402% FGS DEC 2020 and 300,007 units of 13.402%
FGS DEC 2021were admitted to trade at the Exchange on the 8th of January, 2019.
Additional Bond Issues
Nigeria Mortgage Refinace Company
The Nigeria Mortgage Refinance Company Plc N11,000,000,000 13.80% Series 2
Bond under the N440,000,000,000 Medium Term Note Program was admitted to trade
at the Exchange on the 10th of January, 2019.
Additional Bond Issues
Nigeria Mortgage Refinace Company
The Nigeria Mortgage Refinance Company Plc N11,000,000,000 13.80% Series 2
Bond under the N440,000,000,000 Medium Term Note Program was admitted to trade
at the Exchange on the 10th of January, 2019.
Additional Bond Issues
Sterling Investment SPV Plc
Sterling Investment SPV Plc N32,899,000,000, 7-Year 16.25% Fixed Rate Unsecured
Bonds Due 2025 (Series II) issued under the N65,000,000,000 Debt Issuance Program
were admitted to trade at the Exchange on the 14th of January, 2019..
Additional Bond Issues
Mixta Real Estate Plc
Mixta Real Estate Plc N2,961,000,000 16.50% (Series II), Tranche A Senior Guaranteed
Fixed Rate Bond Due 2023; and N2,320,000,000 17.75% (Series II), Tranche B Senior
Secured Fixed Rate Bonds Due 2023, issued under the N30,000,000,000 MediumTerm
Note Programme were admitted to trade at the Exchange on the 16th of January, 2019
Additional Bond Issues
May & Baker Plc
745,234,886 additional ordinary shares of May & Baker Plc (May & Baker) were listed
on the Daily Official List of The Nigerian Stock Exchange on Thursday, 24 January
2019.
Additional ordinary shares
Debt Management Office of the Federal Government of
Nigeria
A total volume of 27,375,000 , 35,000,000 and 48,930,002 units were added to the
following bonds:12.75% FGN APR 2023, 14.55% FGN APR 2029 and 14.80% FGN
APR 2049 respectively on the 3rd June, 2019.
Additional Bond Issues
Consolidated Hallmark Insurance Plc
An additional 1,130,000,000 ordinary shares of Consolidated Hallmark Insurance Plc
(Consolidated Hallmark) were listed on the Daily Official List of The Nigerian Stock
Exchange today, Tuesday, 5 February 2019.
Additional ordinary shares
Debt Management Office of the Federal Government of
Nigeria
Additional volumes of 7,345,001, 32,346,002 and 227,290,952 units were added to the
following bonds 12.75% FGN APR 2023, 13.53% FGN MAR 2025 and 13.98% FGN
FEB 2028 respectively on Friday 15th of March, 2019
Additional Bond Issues
Lafarge Africa Plc
Additional 7,434,367,256 ordinary shares of Lafarge Africa Plc (Lafarge) were listed
on the Daily Official List of The Nigerian Stock Exchange on Tuesday 26th March
2019.
Additional ordinary shares
Debt Management Office of the Federal Government of
Nigeria
Additional volumes of 20,000,000, 62,150,001 and 39,800,000 units were added to the
following bonds 13.98% FGN FEB 2028, 13.53% FGN MAR 2025 and 12.75% FGN
APR 2023 respectively on Thursday 4th of April, 2019.
Additional Bond Issues
Mutual Benefits Assurance Plc
3,172,733,508 ordinary shares of Mutual Benefits Assurance Plc (Mutual Benefits or
the Company) were listed on The Daily Official List of The Exchange on Friday, 3
May 2019.
Additional ordinary shares
Debt Management Office of the Federal Government of
Nigeria
A total volume of 27,375,000 , 35,000,000 and 48,930,002 units were added to the
following bonds:12.75% FGN APR 2023, 14.55% FGN APR 2029 and 14.80% FGN
APR 2049 respectively on the 3rd June, 2019.
Additional Bond Issues
Ellah Lakes
The additional shares listed arose fromthe 1,880,000,000 ordinary shares of 50 Kobo
each issued to the shareholders of Telluria Limited, as consideration for the
acquisition of the entire issued shares of Telluria Limited by Ellah Lakes.
Additional ordinary shares
Great Nigeria Insurance Plc (GNI)
Further to the NSE market bulletin of 13 December 2018 notifying Dealing Members
of the approval of the application filed by MBC Securities Limited on behalf of Great
Nigeria Insurance Plc (GNI or the Company) for the voluntary delisting of the entire
share capital of GNI, please be informed that the entire issued share capital of GNI
were delisted from the Daily Official List of The Nigerian Stock Exchange on Friday,
25 January 2019.
Voluntary delisting
Diamond Bank Plc
Following the Court Sanction of the Scheme of Merger (Scheme) between Access
Bank Plc and Diamond Bank Plc, trading in the shares of Diamond Bank Plc (Diamond
Bank or the Bank) has been placed on full suspension on The Nigerian Stock
Exchange (The Exchange) with effect from today, 20 March 2019.
Merged with Access Bank Plc
Newrest ASL Nigeria Plc
Newrest ASL Nigeria Plc (Newrest or the Company) has through its Stockbroker,
Helix Securities Limited, submitted an application to The Nigerian Stock Exchange
(The Exchange) for voluntary delisting of the entire 634,000,000 ordinary shares of
the Company fromthe Daily Official List of The Exchange as a result of its inability to
meet up with the 20% free float requirement of The Exchange.
Voluntary delisting
Supplementary Listing
DeListing

Instrument
Amount Outstanding
(₦)
Proportion
(%)

FGN BONDS
8,927,657,644,592.00

73.47
NIG. TREASURY BILLS
2,953,580,696,000.00

24.31
FGN SAVINGS BONDS
8,521,321,000.00

0.07
FGN SUKUK
100,000,000,000.00

0.82
FGN GREEN BOND
10,690,000,000.00

0.09
NIG. TREASURY BONDS
150,988,000,000.00

1.24
TOTAL
12,151,437,661,592.00

Restructured states Commercial
loans into FGN Bonds
680,420,115,000.00

FGN BONDS
9,691,417,043,592.00

72.26
NIG. TREASURY BILLS
2,651,514,042,000.00

19.77
FGN SAVINGS BONDS
10,431,836,000.00

0.08
FGN SUKUK
200,000,000,000.00

1.49
FGN GREEN BOND
25,690,000,000.00

0.19
NIG. TREASURY BONDS
125,988,000,000.00

0.94
PROMISSORY NOTES
707,755,166,029.00

5.28
TOTAL
13,412,796,087,621.00

Restructured states Commercial
loans into FGN Bonds
680,420,115,000.00

Table 5.1
FGN Domestic Debt Stock
Outstanding (By Instrument Type) as at June 2019

DMBs
MBs
Mandate &
Internal Customers
CBN
Branches
CBN/MM
D Take-up
Total

January

February

March

April

May

June

Total


January

February

March

April

May

June

Total

Table 5.2
Primary Market: Nigerian Treasury Bills Transactions (₦'Billion)
Period
Issues
Subscription
Repayment
Ave.
Rates
%
Allotment

Range of Bids
Stop
Rates
Range of Bids
Stop
Rates
Range of Bids
Stop
Rates


13.0000 – 17.2000
13.4999

13.1000 – 20.0000
13.5000
11.5000 – 11.7500 11.7500

12.6000 – 14.2000
13.0000

12.4900 – 13.9649
13.1850
11.9500 – 12.5000 11.9500

12.5000 – 14.4864
13.0000


Range of Bids
Stop
Rates
Range of Bids
Stop
Rates
Range of Bids
Stop
Rates


12.0000 – 14.0000
12.5000

12.2500 – 15.9900
12.8450
10.3000 – 14.0000 10.3000

11.5000 – 13.5200
12.2000


January - June, 2019

Table 5.3
Marginal Rates and Range of Successful Bids Schedule
January - June, 2018

January
February
March
April
May
June
January
February
March
April
May
June

₦'Million
%
₦'Million
%
₦'Million
%
₦'Million
%
₦'Million
%
₦'Million
%
Banks

Merchant Banks

Parastatals

CBN

Total

₦'Million
%
₦'Million
%
₦'Million
%
₦'Million
%
₦'Million
%
₦'Million
%
Banks

Merchant Banks

Parastatals

CBN

Total


CUSTOMER CLASS
January
February
March
April
May
June
Table 5.4
Nigerian Treasury Bills: Class of Holders

CUSTOMER CLASS
January
February
March
April
May
June

12.50% T/BOND 2019


12.50% T/BOND 2020


12.50% T/BOND 2021


12.50% T/BOND 2022


12.50% T/BOND 2023


12.50% T/BOND 2024

Total
150,988,000,000
50,436,983,000
100,551,017,000

12.50% T/BOND 2020


12.50% T/BOND 2021


12.50% T/BOND 2022


12.50% T/BOND 2023


12.50% T/BOND 2024

Total
125,988,000,000
41,034,863,000
84,953,137,000

S/N
Treasury Bond
Issue Amount
(₦)
CBN Holdings
(₦)
FGN Treasury Bond
S/Fund Holding
(₦)
FGN Bond
S/Fund Holding
(₦)

Table 5.5
Federal Republic of Nigeria Treasury Bonds: Class of Holders
S/N
Treasury Bond
Issue Amount
(₦)
CBN Holdings
(₦)
FGN Treasury Bond
S/Fund Holding
(₦)
FGN Bond
S/Fund Holding
(₦)

Tranche
Tenor
Issue
(₦'Billion)
Subscription
(₦'Billion)
Allotment
(₦'Billion)
January
14.50% FGN JUL 2021
5 YEAR
50.00
55.75
45.12
16.2884% FGN MAR 2027 10 YEAR
60.00
94.26
64.88
Sub-Total
110.00
150.01
110.00
February
14.50% FGN JUL 2021
5 YEAR
50.00
38.89
27.18
13.98% FGN FEB 2028
10 YEAR
50.00
78.69
52.44
Sub-Total
100.00
117.58
79.62
March
14.50% FGN JUL 2021
5 YEAR
10.00
18.85
10.05
13.53% FGN MAR 2025
7 YEAR
30.00
25.21
8.91
13.98% FGN FEB 2028
10 YEAR
30.00
98.75
45.10
Sub-Total
70.00
142.81
64.06
April
12.75% FGN APR 2023
5 YEAR
30.00
52.89
38.29
13.53% FGN MAR 2025
7 YEAR
30.00
49.40
12.75
13.98% FGN FEB 2028
10 YEAR
30.00
160.19
38.96
Sub-Total
90.00
262.48
90.00
May
12.75% FGN APR 2023
5 YEAR
20.00
8.72
3.50
13.53% FGN MAR 2025
7 YEAR
20.00
14.45
8.45
13.98% FGN FEB 2028
10 YEAR
30.00
66.65
38.50
Sub-Total
70.00
89.82
50.45
June
12.75% FGN APR 2023
5 YEAR
20.00
8.29
3.49
13.53% FGN MAR 2025
7 YEAR
20.00
10.90
6.70
13.98% FGN FEB 2028
10 YEAR
20.00
47.53
21.03
Sub-Total
60.00
66.72
31.22
Grand Total
500.00
829.42
425.35
Table 5.6
FGN Bonds Issued, 2018

Tranche
Tenor
Issue
(₦'Billion)
Subscription
(₦'Billion)
Allotment
(₦'Billion)
January 30, 2019
12.75% FGN APR 2023
5 YEAR
50.00
16.57
5.85
13.53%FGN MAR 2025
7 YEAR
50.00
31.25
20.10
13.98% FGN FEB 2028
10 YEAR
50.00
149.27
91.04
Sub-Total
150.00
197.09
116.99
February 20, 2019
12.75% FGN APR 2023
5 YEAR
50.00
9.52
1.50
13.53% FGN MAR 2025
7 YEAR
50.00
28.85
12.25
13.98% FGN FEB 2028
10 YEAR
50.00
195.98
136.25
Sub-Total
150.00
234.35
150.00
March 27, 2019
12.75% FGN APR 2023
5 YEAR
40.00
21.62
3.80
13.53% FGN MAR 2025
7 YEAR
40.00
26.17
5.55
13.98% FGN FEB 2028
10 YEAR
20.00
100.68
20.00
Sub-Total
100.00
148.47
29.35
April 24, 2019
12.75% FGN APR 2023
5 YEAR
40.00
16.61
6.81
14.55% FGN APR 2029
10 YEAR
40.00
52.28
37.43
14.80% FGN APR 2049
30 YEAR
20.00
80.41
53.16
Sub-Total
100.00
149.30
97.40
May 22, 2019
12.75% FGN APR 2023
5 YEAR
35.00
45.98
27.38
14.55% FGN APR 2029
7 YEAR
35.00
124.22
35.00
14.80% FGN APR 2049
30 YEAR
30.00
100.91
48.93
Sub-Total
100.00
271.11
111.31
June 26, 2019
12.75% FGN APR 2023
5 YEAR
30.00
39.34
28.99
14.55% FGN APR 2029
10 YEAR
40.00
60.30
49.86
14.80% FGN APR 2049
30 YEAR
30.00
60.49
31.49
Sub-Total
100.00
160.13
110.34
₦13.50 billion of the 14.55% FGN APR 2029 was allotted on non-competitive basis in June
GRAND TOTAL
700.00
1,160.45

615.39
Table 5.6 ctd
FGN Bonds Issued, 2019

Auction ID
Bond Tranche
New Nomenclature
Interest Rate
Issue Date
Issue Amount (₦) Redemption
Date
Interest Pay Date

FGB.2010-000060
5TH FGN BOND 2028 SERIES 5
15.00% FGN NOV 2028
15.00%
28/11/2008
75,000,001,000.00

28/11/2028
28 MAY & 28 NOV.
FGB.2009-000053
6TH FGN BOND 2029 SERIES 3
12.49% FGN MAY 2029
12.49%
22/05/2009
150,000,000,000.00

22/05/2029
22 MAY & 22 NOV.
FGB.2011-000064
6TH FGN BOND 2019 SERIES 4
7.00% FGN OCT 2019
7.00%
23/10/2009
233,896,698,000.00

23/10/2019
23 APR & 23 OCT
FGB.2009-000055
6TH FGN BOND 2029 SERIES 5
8.50% FGN NOV 2029
8.50%
20/11/2009
200,000,000,000.00

20/11/2029
20 MAY & 20 NOV.
FGB.2013-000073
7TH FGN BOND 2030 SERIES 3
10.00% FGN JUL 2030
10.00%
23/07/2010
591,568,208,000.00

23/07/2030
23 JAN & 23 JUL
FGB.2013-000072
9TH FGN BOND 2022 SERIES 1
16.39% FGN JAN 2022
16.39%
27/01/2012
605,310,000,000.00

27/01/2022
27 JAN & 27 JUL
FGB 2012-000069
9TH FGN BOND 2019 SERIES 3
16.00% FGN JUN 2019
16.00%
29/06/2012
351,300,000,000.00

29/06/2019
29 JUN & 29 DEC
NGFB0010Y00058/M11TH FGN BOND 2024 SERIES 1 14.20% FGN MAR 2024
14.20%
14/03/2014
719,994,128,000.00

14/03/2024
14 MAR & 14 SEP
NGFB0020Y00060/M11TH FGN BOND 2034 SERIES 2 12.1493% FGN JUL 2034
12.15%
18/07/2014
1,075,920,115,000.00

18/07/2034
18 JAN & 18 JUL
NGFB0005Y00063/M12TH FGN BOND 2020 SERIES 1 15.54% FGN FEB 2020
15.54%
13/02/2015
606,430,000,000.00

13/02/2020
13 FEB & 13 AUG
NGFB0010Y00064/M12TH FGN BOND 2025 SERIES 2 12.00% FGN MAR 2025
12.00%
03/03/2015
263,600,000,000.00

03/03/2025
3 MAR & 3 SEP
NGFB0010Y00065/M12TH FGN BOND 2025 SERIES 3 9.00% FGN MAY 2025
9.00%
22/05/2015
190,000,000,000.00

22/05/2025
22 MAY & 22 NOV.
NGFB0015Y00066/M12TH FGN BOND 2030 SERIES 4 9.00% FGN AUG 2030
9.00%
24/08/2015
98,522,000,000.00

24/08/2030
24 FEB & 24 AUG
NGFB0010Y00067/M13TH FGN BOND 2026 SERIES 1 12.50% FGN JAN 2026
12.50%
22/01/2016
611,915,153,000.00

22/01/2026
22 JAN & 22 JUL
NGFB0025Y00071/M13TH FGN BOND 2041 SERIES 2 6.00% FGN FEB 2041
6.00%
02/01/2016
402,639,507,796.00

02/01/2041
1 FEB & 1 AUG
NGFB0030Y00072/M13TH FGN BOND 2046 SERIES 3 6.00% FGN FEB 2046
6.00%
02/01/2016
402,639,507,796.00

02/01/2046
1 FEB & 1 AUG
NGFB0020Y00068/M13TH FGN BOND 2036 SERIES 4 12.40% FGN MAR 2036
12.40%
18/03/2016
668,100,320,000.00

18/03/2036
18 MAR & 18 SEP
NGFB0030Y00070/M13TH FGN BOND 2046 SERIES 5 6.00% FGN APR 2046
6.00%
22/04/2016
224,601,000,000.00

22/04/2046
22 APR & 22 OCT
NGFB0005Y00073/M13TH FGN BOND 2021 SERIES 6 14.50% FGN JUL 2021
14.50%
15/07/2016
561,048,876,000.00

15/07/2021
15 JAN & 15 JUL
NGFB0010Y17327/M14TH FGN BOND 2027 SERIES 1 16.2884% FGN MAR 2027
16.29%
17/03/2017
608,389,160,000.00

17/03/2027
17 MAR & 17 SEP
NGFB0020Y18437/M14TH FGN BOND 2037 SERIES 2 16.2499% FGN APR 2037
16.25%
18/04/2017
402,046,735,000.00

18/04/2037
18 APR & 18 OCT
NGFB0010Y23228/M15TH FGN BOND 2028 SERIES 1 13.9800% FGN FEB 2028
13.98%
23/02/2018
214,984,314,000.00

23/02/2028
23 FEB & 23 AUG
NGFB0007Y23325/M15TH FGN BOND 2025 SERIES 2 13.5300% FGN MARCH 2025
13.53%
23/03/2018
70,090,994,000.00

23/03/2025
23 MAR & 23 SEP
NGFB0005Y27423/M15TH FGN BOND 2023 SERIES 3 12.7500% FGN APR 2023
12.75%
27/04/2018
41,789,277,000.00

27/04/2023
27 APR & 27 OCT
NGFB0005Y02023/M15TH FGN BOND 2023 SERIES 4 13.5000% FGN JUN 2023
13.50%
29/06/2018
8,790,000,000.00

29/06/2023
29 JUN & 29 DEC
NGFB0007Y02025/M15TH FGN BOND 2025 SERIES 5 13.8000% FGN JUN 2025
13.80%
29/06/2018
7,923,500,000.00

29/06/2025
29 JUN & 29 DEC
NGFB0010Y02028/M15TH FGN BOND 2028 SERIES 6 13.8100% FGN JUN 2028
13.81%
29/06/2018
21,034,773,000.00

29/06/2028
29 JUN & 29 DEC
TOTAL
9,407,534,267,592.00

Table 5.7
Federal Government of Nigeria Bonds

Auction ID
Bond Tranche
New Nomenclature
Interest Rate
Issue Date
Issue Amount (₦)
Redemption
Date
Interest Pay Date

FGB.2010-000060
5TH FGN BOND 2028 SERIES 5
15.00% FGN NOV 2028
15.00%
28/11/2008
75,000,001,000.00

28/11/2028
28 MAY & 28 NOV.
FGB.2009-000053
6TH FGN BOND 2029 SERIES 3
12.49% FGN MAY 2029
12.49%
22/05/2009
150,000,000,000.00

22/05/2029
22 MAY & 22 NOV.
FGB.2011-000064
6TH FGN BOND 2019 SERIES 4
7.00% FGN OCT 2019
7.00%
23/10/2009
233,896,698,000.00

23/10/2019
23 APR & 23 OCT
FGB.2009-000055
6TH FGN BOND 2029 SERIES 5
8.50% FGN NOV 2029
8.50%
20/11/2009
200,000,000,000.00

20/11/2029
20 MAY & 20 NOV.
FGB.2013-000073
7TH FGN BOND 2030 SERIES 3
10.00% FGN JUL 2030
10.00%
23/07/2010
591,568,208,000.00

23/07/2030
23 JAN & 23 JUL
FGB.2010-000059
4TH FGN BOND 2014 SERIES 11 9.25% FGN SEP 2014
9.25%
28/09/2007
-

28/09/2014
28 SEP & 28 MAR.
FGB.2013-000072
9TH FGN BOND 2022 SERIES 1
16.39% FGN JAN 2022
16.39%
27/01/2012
605,310,000,000.00

27/01/2022
27 JAN & 27 JUL
NGFB0010Y00058/M11TH FGN BOND 2024 SERIES 1 14.20% FGN MAR 2024
14.20%
14/03/2014
719,994,128,000.00

14/03/2024
14 MAR & 14 SEP
NGFB0020Y00060/M11TH FGN BOND 2034 SERIES 2 12.1493% FGN JUL 2034
12.15%
18/07/2014
1,075,920,115,000.00

18/07/2034
18 JAN & 18 JUL
NGFB0005Y00063/M12TH FGN BOND 2020 SERIES 1 15.54% FGN FEB 2020
15.54%
13/02/2015
606,430,000,000.00

13/02/2020
13 FEB & 13 AUG
NGFB0010Y00064/M12TH FGN BOND 2025 SERIES 2 12.00% FGN MAR 2025
12.00%
03/03/2015
263,600,000,000.00

03/03/2025
3 MAR & 3 SEP
NGFB0010Y00065/M12TH FGN BOND 2025 SERIES 3 9.00% FGN MAY 2025
9.00%
22/05/2015
190,000,000,000.00

22/05/2025
22 MAY & 22 NOV.
NGFB0015Y00066/M12TH FGN BOND 2030 SERIES 4 9.00% FGN AUG 2030
9.00%
24/08/2015
98,522,000,000.00

24/08/2030
24 FEB & 24 AUG
NGFB0010Y00067/M13TH FGN BOND 2026 SERIES 1 12.50% FGN JAN 2026
12.50%
22/01/2016
611,915,153,000.00

22/01/2026
22 JAN & 22 JUL
NGFB0025Y00071/M13TH FGN BOND 2041 SERIES 2 6.00% FGN FEB 2041
6.00%
02/01/2016
402,639,507,796.00

02/01/2041
1 FEB & 1 AUG
NGFB0030Y00072/M13TH FGN BOND 2046 SERIES 3 6.00% FGN FEB 2046
6.00%
02/01/2016
402,639,507,796.00

02/01/2046
1 FEB & 1 AUG
NGFB0020Y00068/M13TH FGN BOND 2036 SERIES 4 12.40% FGN MAR 2036
12.40%
18/03/2016
668,100,320,000.00

18/03/2036
18 MAR & 18 SEP
NGFB0030Y00070/M13TH FGN BOND 2046 SERIES 5 6.00% FGN APR 2046
6.00%
22/04/2016
224,601,000,000.00

22/04/2046
22 APR & 22 OCT
NGFB0005Y00073/M13TH FGN BOND 2021 SERIES 6 14.50% FGN JUL 2021
14.50%
15/07/2016
561,048,876,000.00

15/07/2021
15 JAN & 15 JUL
NGFB0010Y17327/M14TH FGN BOND 2027 SERIES 1 16.2884% FGN MAR 2027
16.29%
17/03/2017
608,389,160,000.00

17/03/2027
17 MAR & 17 SEP
NGFB0020Y18437/M14TH FGN BOND 2037 SERIES 2 16.2499% FGN APR 2037
16.25%
18/04/2017
402,046,735,000.00

18/04/2037
18 APR & 18 OCT
NGFB0010Y23228/M15TH FGN BOND 2028 SERIES 1 13.9800% FGN FEB 2028
13.98%
23/02/2018
713,692,511,000.00

23/02/2028
23 FEB & 23 AUG
NGFB0007Y23325/M15TH FGN BOND 2025 SERIES 2 13.5300% FGN MAR 2025
13.53%
23/03/2018
267,781,859,000.00

23/03/2025
23 MAR & 23 SEP
NGFB0005Y27423/M15TH FGN BOND 2023 SERIES 3 12.7500% FGN APR 2023
12.75%
27/04/2018
242,333,283,000.00

27/04/2023
27 APR & 27 OCT
NGFB0030Y02049/M16TH FGN BOND 2049 SERIES 1 14.8000% FGN APR 2049
14.80%
26/04/2019
133,576,002,000.00

26/04/2049
26 APR & 26 OCT
NGFB0010Y02029/M16TH FGN BOND 2029 SERIES 2 14.5500% FGN APR 2029
14.55%
26/04/2019
122,288,602,000.00

26/04/2029
26 APR & 26 OCT
TOTAL
10,171,293,666,592.00

Table 5.7 ctd

Bond Tranche
Banks
Merchant Banks
Brokers
Pension Fund
Parastatals
Corporate Bodies
Insurance
Companies
Trust/Inv./Tax
Fund
CBN
Individuals
Total
5TH FGN BOND 2028 SERIES 5
28.14

6.26

-

37.46

-

1.31

-

0.56

1.20

0.07

75.00

SUB TOTAL
28.14

6.26

-

37.46

-

1.31

-

0.56

1.20

0.07

75.00

6TH FGN BOND 2029 SERIES 3
43.11

29.85

6.20

53.71

-

2.60

-

-

14.53

0.00

150.00

6TH FGN BOND 2019 SERIES 4
86.05

17.15

24.80

62.85

-

19.27

0.70

11.88

11.17

0.03

233.90

6TH FGN BOND 2029 SERIES 5
91.09

46.44

2.00

12.60

-

4.75

0.10

8.10

34.85

0.05

200.00

SUB TOTAL
220.25

93.44

33.00

129.16

-

26.62

0.80

19.98

60.56

0.08

583.90

7TH FGN BOND 2030 SERIES 3
165.44

8.62

23.16

255.34

-

100.12

8.45

14.46

15.80

0.18

591.57

SUB TOTAL
165.44

8.62

23.16

255.34

-

100.12

8.45

14.46

15.80

0.18

591.57

9TH FGN BOND 2022 SERIES 1
186.79

14.01

54.99

99.86

130.61

81.78

12.61

15.93

8.51

0.21

605.31

9TH FGN BOND 2019 SERIES 3
146.62

7.35

24.89

56.18

38.80

62.96

7.78

1.89

4.20

0.63

351.30

SUB TOTAL
333.41

21.36

79.89

156.04

169.41

144.74

20.38

17.82

12.71

0.84

956.61

11TH FGN BOND 2024 SERIES 1
161.55

16.36

119.85

122.81

133.60

108.79

19.13

34.53

-

3.37

719.99

11TH FGN BOND 2034 SERIES 2
775.15

9.99

73.83

130.72

45.19

15.21

16.68

-

9.16

1,075.92

SUB TOTAL
936.70

26.35

193.67

253.53

133.60

153.98

34.34

51.21

-

12.53

1,795.91

12TH FGN BOND 2020 SERIES 1
220.21

10.05

97.38

105.48

119.73

19.56

15.88

1.03

-

17.12

606.43

12TH FGN BOND 2025 SERIES 2
-

-

-

-

49.81

-

-

-

213.79

-

263.60

12TH FGN BOND 2025 SERIES 3
-

-

-

-

-

-

-

-

190.00

-

190.00

12TH FGN BOND 2030 SERIES 4
-

-

-

-

-

-

-

-

98.52

-

98.52

SUB TOTAL
220.21

10.05

97.38

105.48

169.54

19.56

15.88

1.03

502.31

17.12

1,158.55

13TH FGN BOND 2026 SERIES 1
273.53

0.50

107.09

77.41

81.02

9.65

12.27

0.80

-

49.65

611.92

13TH FGN BOND 2041 SERIES 2
-

-

-

-

-

-

-

-

402.64

-

402.64

13TH FGN BOND 2046 SERIES 3
-

-

-

-

-

-

-

-

402.64

-

402.64

13TH FGN BOND 2036 SERIES 4
333.52

0.18

132.50

122.69

-

11.55

22.23

1.78

-

43.64

668.10

13TH FGN BOND 2046 SERIES 5
-

-

-

-

-

-

-

-

224.60

-

224.60

13TH FGN BOND 2021 SERIES 6
307.74

-

44.30

157.26

-

7.31

26.82

2.50

-

15.13

561.05

SUB TOTAL
914.79

0.68

283.89

357.36

81.02

28.51

61.32

5.08

1,029.88

108.42

2,870.94

14TH FGN BOND 2027 SERIES 1
322.35

-

81.63

40.28

29.79

7.23

87.24

-

-

39.88

608.39

14TH FGN BOND 2037 SERIES 2
214.81

-

82.60

63.55

0.22

35.12

-

-

5.75

402.05

SUB TOTAL
537.16

-

164.22

103.83

29.79

7.44

122.36

-

-

45.63

1,010.44

15TH FGN BOND 2028 SERIES 1
78.51

0.50

26.96

23.82

39.99

25.03

12.05

6.49

-

1.63

214.98

15TH FGN BOND 2025 SERIES 2
11.40

0.30

6.65

5.75

39.99

1.40

4.50

0.05

-

0.06

70.09

15TH FGN BOND 2023 SERIES 3
10.09

-

2.00

19.58

-

7.39

2.50

0.24

-

-

41.79

15TH FGN BOND 2023 SERIES 4
1.50

-

0.50

-

2.30

0.59

0.40

3.50

-

-

8.79

15TH FGN BOND 2025 SERIES 5
4.00

-

0.20

2.00

-

-

-

1.72

-

-

7.92

15TH FGN BOND 2028 SERIES 6
6.00

-

1.70

1.82

-

1.50

5.00

5.01

-

-

21.03

SUB TOTAL
111.49

0.80

38.01

52.97

82.27

35.91

24.45

17.02

-

1.69

364.61

GRAND TOTAL
3,467.59

167.56

913.22

1,451.19

665.64

518.18

287.99

127.15

1,622.46

186.56

9,407.53

Table 5.8
Federal Government of Nigeria Bond Outstanding: Class of Holders (₦'Billion)
January - June 2018

Bond Tranche
Banks
Merchant Banks
Brokers
Pension Fund
Parastatals
Corporate Bodies
Insurance
Companies
Trust/Inv./Tax
Fund
CBN
Individuals
Total
5TH FGN BOND 2028 SERIES 5
28.14

6.26

-

37.46

-

1.31

-

0.56

1.20

0.07

75.00

SUB TOTAL
28.14

6.26

-

37.46

-

1.31

-

0.56

1.20

0.07

75.00

6TH FGN BOND 2029 SERIES 3
43.11

29.85

6.20

53.71

-

2.60

-

-

14.53

0.00

150.00

6TH FGN BOND 2019 SERIES 4
86.05

17.15

24.80

62.85

-

19.27

0.70

11.88

11.17

0.03

233.90

6TH FGN BOND 2029 SERIES 5
91.09

46.44

2.00

12.60

-

4.75

0.10

8.10

34.85

0.05

200.00

SUB TOTAL
220.25

93.44

33.00

129.16

-

26.62

0.80

19.98

60.56

0.08

583.90

7TH FGN BOND 2030 SERIES 3
165.44

8.62

23.16

255.34

-

100.12

8.45

14.46

15.80

0.18

591.57

SUB TOTAL
165.44

8.62

23.16

255.34

-

100.12

8.45

14.46

15.80

0.18

591.57

9TH FGN BOND 2022 SERIES 1
186.79

14.01

54.99

99.86

130.61

81.78

12.61

15.93

8.51

0.21

605.31

SUB TOTAL
186.79

14.01

54.99

99.86

130.61

81.78

12.61

15.93

8.51

0.21

605.31

11TH FGN BOND 2024 SERIES 1
161.55

16.36

119.85

122.81

133.60

108.79

19.13

34.53

-

3.37

719.99

11TH FGN BOND 2034 SERIES 2
775.15

9.99

73.83

130.72

45.19

15.21

16.68

-

9.16

1,075.92

SUB TOTAL
936.70

26.35

193.67

253.53

133.60

153.98

34.34

51.21

-

12.53

1,795.91

12TH FGN BOND 2020 SERIES 1
220.21

10.05

97.38

105.48

119.73

19.56

15.88

1.03

-

17.12

606.43

12TH FGN BOND 2025 SERIES 2
-

-

-

-

49.81

-

-

-

213.79

-

263.60

12TH FGN BOND 2025 SERIES 3
-

-

-

-

-

-

-

-

190.00

-

190.00

12TH FGN BOND 2030 SERIES 4
-

-

-

-

-

-

-

-

98.52

-

98.52

SUB TOTAL
220.21

10.05

97.38

105.48

169.54

19.56

15.88

1.03

502.31

17.12

1,158.55

13TH FGN BOND 2026 SERIES 1
273.53

0.50

107.09

77.41

81.02

9.65

12.27

0.80

-

49.65

611.92

13TH FGN BOND 2041 SERIES 2
-

-

-

-

-

-

-

-

402.64

-

402.64

13TH FGN BOND 2046 SERIES 3
-

-

-

-

-

-

-

-

402.64

-

402.64

13TH FGN BOND 2036 SERIES 4
333.52

0.18

132.50

122.69

-

11.55

22.23

1.78

-

43.64

668.10

13TH FGN BOND 2046 SERIES 5
-

-

-

-

-

-

-

-

224.60

-

224.60

13TH FGN BOND 2021 SERIES 6
307.74

-

44.30

157.26

-

7.31

26.82

2.50

-

15.13

561.05

SUB TOTAL
914.79

0.68

283.89

357.36

81.02

28.51

61.32

5.08

1,029.88

108.42

2,870.94

14TH FGN BOND 2027 SERIES 1
322.35

-

81.63

40.28

29.79

7.23

87.24

-

-

39.88

608.39

14TH FGN BOND 2037 SERIES 2
214.81

-

82.60

63.55

0.22

35.12

-

-

5.75

402.05

SUB TOTAL
537.16

-

164.22

103.83

29.79

7.44

122.36

-

-

45.63

1,010.44

15TH FGN BOND 2028 SERIES 1
174.87

4.78

156.02

97.02

39.99

96.78

42.46

18.51

-

2.85

633.26

15TH FGN BOND 2025 SERIES 2
39.65

0.80

36.80

32.71

130.74

5.72

9.50

5.10

-

0.21

261.23

15TH FGN BOND 2023 SERIES 3
91.25

4.50

6.47

27.21

72.25

15.39

7.26

0.34

-

-

224.67

15TH FGN BOND 2023 SERIES 4
3.50

1.40

-

6.89

0.66

1.40

3.87

-

-

17.72

15TH FGN BOND 2025 SERIES 5
10.05

-

0.65

4.25

-

-

2.83

1.72

-

-

19.50

15TH FGN BOND 2028 SERIES 6
15.00

-

19.11

6.00

-

7.65

12.45

6.01

-

1.20

67.43

16TH FGN BOND 2049 SERIES 1
49.12

0.50

34.86

10.15

20.77

2.30

0.15

117.85

16TH FGN BOND 2029 SERIES 2
77.06

0.50

34.65

4.25

15.60

5.88

0.08

138.02

SUB TOTAL
460.50

11.08

289.96

181.59

249.86

162.56

84.08

35.55

-

4.49

1,479.67

GRAND TOTAL
3,669.98

170.48

1,140.28

1,523.63

794.43

581.87

339.84

143.80

1,618.26

188.73

10,171.29

Table 5.8 ctd
Federal Government of Nigeria Bond Outstanding: Class of Holders (₦'Billion)
January - June 2019

Interest and Sinking Fund Charges
January
February
March
April
May
June
Total
NIGERIA TREASURY BILLS:
{i} 91

{ii} 182

{iii} 364

10.70% FGN MAY 2018

15.00% FGN NOV 2028

12.49% FGN MAY 2029

7.00% FGN OCT 2019

8.50% FGN NOV 2029

10.00% FGN JUL 2030

16.39% FGN JAN 2022

16.00% FGN JUN 2019

14.20% FGN MAR 2024

12.1493% FGN JUL 2034

15.54% FGN FEB 2020

12.00% FGN MAR 2025

9.00% FGN MAY 2025

9.00% FGN AUG 2030

12.50% FGN JAN 2026

6.00% FGN FEB 2041

6.00% FGN FEB 2046

12.40% FGN MAR 2036

6.00% FGN APR 2046

14.50% FGN JUL 2021

16.2884% FGN MAR 2027

16.2499% FGN APR 2037

COUPON PAID ON ALL SPECIAL FGN BOND

COUPON PAID ON ALL FGNSB

COUPON PAID ON ALL FGN GREEN BOND

COUPON PAID ON ALL FGN SUKUK

TREASURY BONDS INTEREST

S/ FUND ON TREASURY BONDS

TOTAL

CUMMULATIVE TOTAL

Table 5.9
Domestic Debt Charges, 2018 (₦'Billion)

Interest and Sinking Fund Charges
January
February
March
April
May
June
Total
NIGERIA TREASURY BILLS:
{i} 91

{ii} 182

{iii} 364

10.70% FGN MAY 2018
0.00
15.00% FGN NOV 2028
5.58
5.58
12.75% FGN APR 2023
11.82
11.82
12.49% FGN MAY 2029
9.29
9.29
7.00% FGN OCT 2019
8.16
8.16
8.50% FGN NOV 2029
8.43
8.43
10.00% FGN JUL 2030
29.82
29.82
16.39% FGN JAN 2022
50.01
50.01
16.00% FGN JUN 2019
28.03
28.03
14.20% FGN MAR 2024
50.70
50.70
12.1493% FGN JUL 2034
24.22
24.22
15.54% FGN FEB 2020
47.51
47.51
12.00% FGN MAR 2025
15.69
15.69
9.00% FGN MAY 2025
8.48
8.48
9.00% FGN AUG 2030
4.47
4.47
12.50% FGN JAN 2026
38.56
38.56
6.00% FGN FEB 2041
12.18
12.18
6.00% FGN FEB 2046
12.18
12.18
12.40% FGN MAR 2036
41.08
41.08
13.98% FGN FEB 2028
48.89
48.89
14.50% FGN JUL 2021
41.01
41.01
6.00% FGN APR 2046
6.72
6.72
16.2884% FGN MAR 2027
49.14
49.14
13.5300% FGN MARCH 2025
13.80
13.80
16.2499% FGN APR 2037
32.58
32.58
COUPON PAID ON ALL SPECIAL FGN BOND

COUPON PAID ON ALL FGNSB

COUPON PAID ON ALL FGN SUKUK

COUPON PAID ON ALL FGN GREEN BOND

TREASURY BONDS INTEREST

S/ FUND ON TREASURY BONDS

TOTAL

CUMMULATIVE TOTAL

Table 5.9 ctd
Domestic Debt Charges, 2019 (₦'Billion)

January
February
March
April
May
June
Total
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
NTBs

FGN Bonds


January
February
March
April
May
June
Total
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
(₦'Billion)
NTBs

FGN Bonds

Table 5.10
Over the Counter Transactions

Bond Tranches
Issue Date
Tenor
Allotment
(₦'Million)
Coupon
Rate (%)
Bids
Successful
Maturity
Date
January 8 -12, 2018
12.098% FGNSB JAN 2020
17/01/2018 2 YEAR
0.07

12.0980

17/01/2020
13.098% FGNSB JAN 2021
17/01/2018 3 YEAR
0.12

13.0980

17/01/2021
Sub-Total
0.20
February 5-9, 2018
10.277% FGNSB FEB 2020
14/02/2018 2 YEAR
0.03

10.2770
124 14/02/2020
11.277% FGNSB FEB 2021
14/02/2018 3 YEAR
0.20

11.2770
178 14/02/2021
Sub-Total
0.24
March 5-9, 2018
10.746% FGNSB MAR 2020
14/03/2018 2 YEAR
0.03

10.7460

14/03/2020
11.746% FGNSB MAR 2021
14/03/2018 3 YEAR
0.12

11.7460

14/03/2021
Sub-Total
0.15
April 9-13, 2018
10.75% FGNSB APR 2020
18/04/2018 2 YEAR
0.06

10.7500

18/04/2020
11.75% FGNSB APR 2021
18/04/2018 3 YEAR
0.13

11.7500

18/04/2021
Sub-Total
0.19
May 7-11, 2018
9.48% FGNSB MAY 2020
16/05/2018 2 YEAR
0.02

9.4800

16/5/2020
10.48% FGNSB MAY 2021
16/05/2018 3 YEAR
0.16

10.4800

16/5/2021
Sub-Total
0.18
June 4 - 8 2018
10.344% FGNSB JUNE 2020
13/06/2018 2 YEAR
0.05

10.3400

13/06/2020
11.344% FGNSB JUNE 2021
13/06/2018 3 YEAR
0.32

11.3400

13/06/2021
Sub-Total
0.37
GRAND TOTAL
1.33

Bond Tranches
Issue Date
Tenor
Allotment
(₦'Million)
Coupon
Rate (%)
Bids
Successful
Maturity
Date
January 16, 2019
12.125% FGNSB JAN 2021
16/01/2019 2 YEAR
0.02
12.1250

16/01/2021
13.125% FGNSB JAN 2022
16/01/2019 3 YEAR
0.41
13.1250

16/01/2022
Sub-Total
0.44
February 13, 2019
12.050% FGNSB FEB 2021
13/02/2019 2 YEAR
0.12
12.0500

13/02/2021
13.050% FGNSB FEB 2022
13/02/2019 3 YEAR
0.22
13.0500

13/02/2022
Sub-Total
0.35
March 13, 2019
11.62% FGNSB MAR 2021
13/03/2019 2 YEAR
0.06
11.6200

13/03/2021
12.62% FGNSB MAR 2022
13/03/2019 3 YEAR
0.18
12.6200

13/03/2022
Sub-Total
0.24
April 10, 2019
11.276% FGNSB APR 2021
10/04/2019 2 YEAR
0.13
11.2760

04/10/2021
12.276% FGNSB APR 2022
10/04/2019 3 YEAR
0.63
12.2760

04/10/2022
Sub-Total
0.75
May 15, 2019
11.745% FGNSB MAY 2021
15/05/2019 2 YEAR
0.12
11.7450

15/5/2021
12.745% FGNSB MAY 2022
15/05/2019 3 YEAR
0.41
12.7450

15/5/2022
Sub-Total
0.53
June 19, 2019
11.418% FGNSB JUN 2021
19/06/2019 2 YEAR
0.11
11.4180

19/06/2019
12.418% FGNSB JUN 2022
19/06/2019 3 YEAR
0.33
12.4180

19/06/2022
Sub-Total
0.44
GRAND TOTAL
2.75

FGN Savings Bond
January - June, 2019
Table 5.11
FGN Savings Bond
January - June, 2018

Auction ID
Bond Tranche
New Nomenclature
Interest Rate
Issue Date
Issue Amount (₦)
Redemption Date
Total Number of Successful
Subscription at the Primary
Market
Interest Payment Dates
NGFB0003Y00078
1ST FGNSB 2020 SERIES 3
13.7940% FGNSB APR 2020
13.7940%
12-Apr-2017
868,690,000.00

12-Apr-2020

12 JAN, 12 APR, 12 JUL, 12 OCT
NGFB0003Y00080
1ST FGNSB 2020 SERIES 5
14.1890% FGNSB MAY 2020
14.1890%
17-May-2017
483,199,000.00

17-May-2020

17 FEB, 17 MAY, 17 AUG, 17 NOV
NGFB0003Y00082
1ST FGNSB 2020 SERIES 7
14.1890% FGNSB JUN 2020
14.1890%
14-Jun-2017
335,696,000.00

14-Jun-2020

14 MAR, 14 JUN, 14 SEP & 14 DEC
NGFB0002Y00083
1ST FGNSB 2019 SERIES 8
13.3860% FGNSB JUL 2019
13.3860%
12-Jul-2017
160,770,000.00

12-Jul-2019

12 JAN, 12 APR, 12 JUL, 12 OCT
NGFB0003Y00084
1ST FGNSB 2020 SERIES 9
14.3860% FGNSB JUL 2020
14.3860%
12-Jul-2017
239,803,000.00

12-Jul-2020

12 JAN, 12 APR, 12 JUL, 12 OCT
NGFB0002Y00092
1ST FGNSB 2019 SERIES 10
13.5350% FGNSB AUG 2019
13.5350%
16-Aug-2017
215,644,000.00

16-Aug-2019

16 FEB, 16 MAY, 16 AUG, 16 NOV
NGFB0003Y00093
1ST FGNSB 2020 SERIES 11
14.5350% FGNSB AUG 2020
14.5350%
16-Aug-2017
522,497,000.00

16-Aug-2020

16 FEB, 16 MAY, 16 AUG, 16 NOV
NGFB0002Y00095
1ST FGNSB 2019 SERIES 12
13.8170% FGNSB SEP 2019
13.8170%
20-Sep-2017
160,044,000.00

20-Sep-2019

20 MAR, 20 JUN, 20 SEP & 20 DEC
NGFB0003Y00096
1ST FGNSB 2020 SERIES 13
14.8170% FGNSB SEP 2020
14.8170%
20-Sep-2017
252,658,000.00

20-Sep-2020

20 MAR, 20 JUN, 20 SEP & 20 DEC
NGFB0002Y00098
1ST FGNSB 2019 SERIES 14
12.0590% FGNSB OCT 2019
12.0590%
18-Oct-2017
115,279,000.00

18-Oct-2019

18 JAN, 18 APR, 18 JUL, 18 OCT
NGFB0003Y00099
1ST FGNSB 2020 SERIES 15
13.0590% FGNSB OCT 2020
13.0590%
18-Oct-2017
273,914,000.00

18-Oct-2020

18 JAN, 18 APR, 18 JUL, 18 OCT
NGFB0002Y00108
1ST FGNSB 2019 SERIES 16
12.0910% FGNSB NOV 2019
12.0910%
15-Nov-2017
72,424,000.00

15-Nov-2019

15 FEB, 15 MAY, 15 AUG, 15 NOV
NGFB0003Y00109
1ST FGNSB 2020 SERIES 17
13.0910% FGNSB NOV 2020
13.0910%
15-Nov-2017
183,807,000.00

15-Nov-2020

15 FEB, 15 MAY, 15 AUG, 15 NOV
NGFB0002Y00102
1ST FGNSB 2019 SERIES 18
11.7380% FGNSB DEC 2019
11.7380%
13-Dec-2017
50,253,000.00

13-Dec-2019

13 MAR, 13 JUN, 13 SEP & 13 DEC
NGFB0003Y00103
1ST FGNSB 2020 SERIES 19
12.7380% FGNSB DEC 2020
12.7380%
13-Dec-2017
196,165,000.00

13-Dec-2020

13 MAR, 13 JUN, 13 SEP & 13 DEC
NGFB0002Y00104
2ND FGNSB 2020 SERIES 1
12.0980% FGNSB JAN 2020
12.0980%
17-Jan-2018
73,054,000.00

17-Jan-2020

17 JAN, 17 APR, 17 JUL, 17 OCT
NGFB0003Y00105
2ND FGNSB 2021 SERIES 2
13.0980% FGNSB JAN 2021
13.0980%
17-Jan-2018
123,253,000.00

17-Jan-2021

17 JAN, 17 APR, 17 JUL, 17 OCT
NGFB0002Y00106
2ND FGNSB 2020 SERIES 3
10.2770% FGNSB FEB 2020
10.2770%
14-Feb-2018
32,821,000.00

14-Feb-2020

14 FEB, 14 MAY, 14 AUG, 14 NOV
NGFB0003Y00115
2ND FGNSB 2021 SERIES 4
11.2770% FGNSB FEB 2021
11.2770%
14-Feb-2018
202,196,000.00

14-Feb-2021

14 FEB, 14 MAY, 14 AUG, 14 NOV
NGFB0002Y00112
2ND FGNSB 2020 SERIES 5
10.7460% FGNSB MAR 2020
10.7460%
14-Mar-2018
30,523,000.00

14-Mar-2020

14 MAR, 14 JUN, 14 SEP & 14 DEC
NGFB0003Y00116
2ND FGNSB 2021 SERIES 6
11.7460% FGNSB MAR 2021
11.7460%
14-Mar-2018
121,300,000.00

14-Mar-2021

14 MAR, 14 JUN, 14 SEP & 14 DEC
NGFB0002Y00119
2ND FGNSB 2020 SERIES 7
10.7500% FGNSB APR 2020
10.7500%
18-Apr-2018
64,922,000.00

18-Apr-2020

18 JAN, 18 APR, 18 JUL & 18 OCT
NGFB0003Y00120
2ND FGNSB 2021 SERIES 8
11.7500% FGNSB APR 2021
11.7500%
18-Apr-2018
129,006,000.00

18-Apr-2021

18 JAN, 18 APR, 18 JUL & 18 OCT
NGSV0002Y00004
2ND FGNSB 2020 SERIES 9
9.4800% FGNSB MAY 2020
9.48000%
16-May-2018
21,440,000.00

16-May-2020

16 FEB, 16 MAY, 16 AUG & 16 NOV
NGSV0003Y00005
2ND FGNSB 2021 SERIES 10
10.4800% FGNSB MAY 2021
10.4800%
16-May-2018
157,186,000.00

16-May-2021

16 FEB, 16 MAY, 16 AUG & 16 NOV
NGSV0002Y00006
2ND FGNSB 2020 SERIES 11
10.3440% FGNSB JUN 2020
10.3440%
13-Jun-2018
50,754,000.00

13-Jun-2020

13 MAR, 13 JUN, 13 SEP & 13 DEC
NGSV0003Y00007
2ND FGNSB 2021 SERIES 12
11.3440% FGNSB JUN 2021
11.3440%
13-Jun-2018
317,533,000.00

13-Jun-2021

13 MAR, 13 JUN, 13 SEP & 13 DEC
NGSV0002Y00008
2ND FGNSB 2020 SERIES 13
10.4830% FGNSB JUL 2020
10.4830%
11-Jul-2018
79,985,000.00

11-Jul-2020

11 JAN, 11 APR, 11 JUL, 11 OCT
NGSV0003Y00009
2ND FGNSB 2021 SERIES 14
11.4830% FGNSB JUL 2021
11.4830%
11-Jul-2018
263,065,000.00

11-Jul-2021

11 JAN, 11 APR, 11 JUL, 11 OCT
NGSV0002Y00010
2ND FGNSB 2020 SERIES 15
10.668% FGNSB AUG 2020
10.6680%
15-Aug-2018
49,327,000.00

15-Aug-2020

15 FEB, 15 MAY, 15 AUG, 15 NOV
NGSV0003Y00011
2ND FGNSB 2021 SERIES 16
11.668% FGNSB AUG 2021
11.6680%
15-Aug-2018
176,515,000.00

15-Aug-2021

15 FEB, 15 MAY, 15 AUG, 15 NOV
NGSV0002Y00012
2ND FGNSB 2020 SERIES 17
11.3640% FGNSB SEP 2020
11.3640%
12-Sep-2018
91,562,000.00

12-Sep-2020

12 MAR, 12 JUNE, 12 SEP, 12 DEC
NGSV0003Y00013
2ND FGNSB 2021 SERIES 18
12.3640% FGNSB SEP 2021
12.3640%
12-Sep-2018
549,399,000.00

12-Sep-2021

12 MAR, 12 JUNE, 12 SEP, 12 DEC
NGSV0002Y00015
2ND FGNSB 2020 SERIES 19
11.1750% FGNSB OCT 2020
11.1750%
10-Oct-2018
72,211,000.00

10-Oct-2020

10 JAN, 10 APR, 10 JUL, 10 OCT
NGSV0003Y00017
2ND FGNSB 2021 SERIES 20
12.1750% FGNSB OCT 2021
12.1750%
10-Oct-2018
211,744,000.00

10-Oct-2021

10 JAN, 10 APR, 10 JUL, 10 OCT
NGSV0002Y00018
2ND FGNSB 2020 SERIES 21
12.390% FGNSB NOV 2020
12.3900%
13-Nov-2018
30,020,000.00

10-Nov-2020

14 FEB, 14 MAY, 14 AUG, 14 NOV
NGSV0003Y00019
2ND FGNSB 2021 SERIES 22
13.390% FGNSB NOV 2021
13.3900%
13-Nov-2018
341,328,000.00

10-Nov-2021

14 FEB, 14 MAY, 14 AUG, 14 NOV
NGSV0002Y00020
2ND FGNSB 2020 SERIES 23
12.402% FGNSB DEC 2020
12.4020%
12-Dec-2018
63,959,000.00

12-Dec-2020

12 MAR, 12 JUNE, 12 SEP, 12 DEC
NGSV0003Y00021
2ND FGNSB 2021 SERIES 24
13.402% FGNSB DEC 2021
13.4020%
12-Dec-2018
300,007,000.00

12-Dec-2021

12 MAR, 12 JUNE, 12 SEP, 12 DEC
NGSV0002Y00026
3RD FGNSB 2021 SERIES 1
12.125% FGNSB JAN 2021
12.1250%
16-Jan-2019
21,731,000.00

16-Jan-2021

16 JAN, 16 APR, 16 JULY, 16 OCT
NGSV0003Y00027
3RD FGNSB 2022 SERIES 2
13.125% FGNSB JAN 2022
13.1250%
16-Jan-2019
414,519,000.00

16-Jan-2022

16 JAN, 16 APR, 16 JULY, 16 OCT
NGSV0002Y00028
3RD FGNSB 2021 SERIES 3
12.050% FGNSB FEB 2021
12.0500%
13-Feb-2019
122,245,000.00

13-Feb-2021

13 MAY, 13 AUG, 13 NOV, 13 FEB
NGSV0003Y00029
3RD FGNSB 2022 SERIES 4
13.050% FGNSB FEB 2022
13.0500%
13-Feb-2019
223,650,000.00

13-Feb-2022

13 MAY, 13 AUG, 13 NOV, 13 FEB
NGSV0002Y00030
3RD FGNSB 2021 SERIES 5
11.620% FGNSB MAR 2021
11.6200%
13-Mar-2019
62,581,000.00

13-Mar-2021

13 JUNE, 13 SEP, 13 DEC, 13 MAR
NGSV0003Y00031
3RD FGNSB 2022 SERIES 6
12.620% FGNSB MAR 2022
12.6200%
13-Mar-2019
178,308,000.00

13-Mar-2022

13 JUNE, 13 SEP, 13 DEC, 13 MAR
NGSV0002Y00032
3RD FGNSB 2021 SERIES 7
11.376% FGNSB APR 2021
11.2760%
10-Apr-2019
126,317,000.00

10-Apr-2021

10 JUL, 10 OCT, 10 JAN, 10 APR
NGSV0003Y00033
3RD FGNSB 2022 SERIES 8
12.276% FGNSB APR 2022
12.2760%
10-Apr-2019
627,796,000.00

10-Apr-2022

10 JUL, 10 OCT, 10 JAN, 10 APR
NGSV0002Y00034
3RD FGNSB 2021 SERIES 9
11.745% FGNSB MAY 2021
11.7450%
15-May-2019
120,699,000.00

15-May-2021

15 AUG, 15 NOV, 15 FEB, 15 MAY
NGSV0003Y00035
3RD FGNSB 2022 SERIES 10
12.745% FGNSB MAY 2022
12.7450%
15-May-2019
411,956,000.00

15-May-2022

15 AUG, 15 NOV, 15 FEB, 15 MAY
NGSV0002Y00036
3RD FGNSB 2021 SERIES 11
11.4180% FGNSB JUNE 2021
11.4180%
19-Jun-2019
108,806,000.00

19-Jun-2021
19 SEP, 19 DEC, 19 MAR, 19 JUNE
NGSV0003Y00037
3RD FGNSB 2022 SERIES 12
12.4180% FGNSB JUNE 2022
12.4180%
19-Jun-2019
329,275,000.00

19-Jun-2022
19 SEP, 19 DEC, 19 MAR, 19 JUNE
TOTAL

10,431,836,000.00

11,545

TABLE 5.12
FGN Savings Bond Profile as at June 30, 2019

Auction ID
Bond Tranche
New Nomenclature
Rental Rate
Issue Date
Issue Amount (₦)
Redemption Date
Coupon Payment Dates
NGGB0005Y00001
1ST FGN GREEN BOND 2022 SERIES 1
13.4800% FGN GREEN BOND DEC 2022
13.4800%
22/12/2017
10,690,000,000.00

22/12/2022
22 JUNE & 22 DEC
NGGB0007Y00008
2ND FGN GREEN BOND 2026 SERIES 1 14.5000% FGN GREEN BOND JUNE 2026
14.50%
13/06/2019
15,000,000,000.00

6/13/2026
13 DEC & 13 JUNE
TOTAL

25,690,000,000.00

TABLE 5.13
FGN Green Bond Profile as at June 30, 2019
Auction ID
Bond Tranche
New Nomenclature
Rental Rate
Issue Date
Issue Amount (₦)
Redemption Date Rental Payment Dates
NGFB0007Y00097
1ST FGN SUKUK 2024 SERIE16.4700% FGN SUKUK SEP 2024
16.4700%
26-Sep-17
100,000,000,000.00

26-Sep-24
26 MAR & 26 SEP
NGSK0007Y00022
2ND FGN SUKUK 2025 SERIE15.7430% FGN SUKUK DEC 2025
15.7430%
28-Dec-18
100,000,000,000.00

28-Dec-25
28 JUN & 28 DEC
TOTAL

200,000,000,000.00

TABLE 5.14
FGN Sukuk Profile as at June 30, 2019
Instrument No.
Issue Date
Issue Amount (₦)
Redemption Date
NGPN0001Y00003
14/12/2018
181,589,179,344.00

14/12/2019
NGPN0002Y00004
28/12/2018
153,823,453,439.00

28/12/2020
NGPN0002Y00023
18/02/2019
31,440,652,571.00

18/02/2021
NGPN0003Y00044
1/4/2019
277,896,159,025.00

1/4/2022
NGPN0003Y00045
24/5/2019
8,773,818,664.00

24/5/5022
NGPN0002Y00046
24/5/2019
5,849,212,443.00

24/5/2021
NGPN0002Y00047
30/4/2019
44,488,038,738.00

30/4/2021
NGPN0001Y00048
24/5/2019
3,894,651,805.00

24/5/2020
707,755,166,029.00


**NGPN0001Y00003 was reviewed upwards by N4.14bn.
TABLE 5.15
FGN Promissory Note Profile as at June 30, 2019
TOTAL