Economy
CBN Sells N844b Treasury Bills to Investors in Four Days
By Modupe Gbadeyanka
Treasury bills worth N843.89 billion were sold to investors this week by the Central Bank of Nigeria (CBN), Business Post is reporting.
The short-term sovereign debt securities issued by the apex bank on behalf of the Federal Government of Nigeria were sold during week via the primary and secondary markets.
The market resumed on Tuesday after the two-day public holiday declared by government last Friday and this Monday to mark Easter.
On Wednesday, the central bank sold T-bills worth N95.20 billion at the primary market with the 91-day bill worth N9.52 billion sold at 11.75 percent, the 182 -day instrument worth N17.60 billion auctioned at 12.70 percent, and the 364-day bill worth N68.08 billion traded at 13.04 percent.
Also, treasury bills worth N748.69 billion were sold by the nation’s chief lender via Open Market Operations.
During the week, precisely on Thursday, T-bills worth N528.90 billion matured at the market.
According to analysts at Cowry Asset, NIBOR fell for all tenor buckets amid FAAC inflows worth N647 billion: NIBOR for overnight, 1 month, 3 months and 6 months tenor buckets fell w -o -w to 4.56 percent from 7.6 percent, 14.64 percent from 14.85 percent, 15.28 percent from 16.01 percent and 17.06 percent from 17.79 percent respectively.
Elsewhere, NITTY fell for most maturities tracked on renewed bullish activity: yields on the 3 months, 6 months and 12 months maturities fell to 13.61 percent from 14.43 percent, 14.31 percent from 14.97 percent and 14.90 percent from 15.01 percent respectively.
However, yield on the 1 month maturities rose to 14.09 percent from 13.40 percent.
Meanwhile, Standing Lending Facility (SLF) fell w-o-w by 18.38 percent to N233.58 billion while Standing Deposit Facility (SOF) increased w-o-w by 276.32 percent to N618.20 billion; indicative of excess financial system liquidity.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
