DMO Breaks Records with N457.20 Billion T-Bill Sales in August 2023

Nigeria’s Debt Management Office (DMO) achieved a historic milestone in August 2023 by selling Treasury Bills (T-Bills) valued at an astounding N457.20 billion.

This achievement, as reported in the FMDQ Markets Monthly Report for August, marked a significant 12.58% Month-on-Month (MoM) increase compared to July’s N406.10 billion in T-Bill sales.

The record-breaking T-Bill sales not only signify the DMO’s effectiveness in managing the nation’s debt but also underscore the growing investor confidence in Nigeria’s financial landscape.

The surge in T-Bill sales comes amidst economic uncertainties and global market fluctuations, highlighting the resilience of Nigeria’s debt market.

T-Bills, with their short-term maturities, are a crucial instrument in the Nigerian government’s debt management strategy. The increased demand for these bills reflects investor appetite for low-risk, short-term investments, especially during times of market volatility.

While the DMO’s success in T-Bill sales steals the spotlight, it’s worth noting that the agency also sold Federal Government Bonds (FGN Bonds) worth N230.26 billion in August 2023.

However, this figure experienced a 65.00% MoM decrease compared to the N657.84 billion sold in July 2023 for similar FGN Bond maturities, mainly due to a 63.96% undersubscription.

Overall, the DMO’s performance in August 2023 signals the country’s commitment to sound fiscal management and its ability to navigate challenging financial terrain with confidence.

It serves as a testament to Nigeria’s attractiveness as an investment destination in the midst of global economic uncertainties.