The Treasury Services Group essentially deals with the trade of money (naira only) and government securities i.e. treasury bills and CBN certificates. FSDH treasury services group provides the following treasury bills products and services:

CALL INVESTMENT
This is an investment outlet for banks with idle funds. However, large institutional investors can also take advantage of it.

Features:
Investments are virtually risk-free since they will be backed by government securities, predominantly treasury bills.
Termination of investment requires same-day-notice and such advice would be honored as long as it is given before the close of normal banking hours, i.e. 4 p.m.

Benefits:
The risk on such deposit is minimal due to the secured nature of the deposit.
Transactions are completed in a short time as they generally exclude the laborious credit approval process common to most banks in Nigeria.

REPURCHASE AGREEMENTS
This is the temporary sale of an asset with a commitment to repurchase it at a future date. The future date may be either open or a predetermined future date.

Benefits:
An underlying instrument (Treasury Bill, CBN Certificate, Bankers Acceptance or Commercial Paper) secures the investment. In addition, there is a commitment, by FSDH, to repurchase the bills at the agreed future date or on the date either party expresses the intention to terminate the transaction.

OUTRIGHT PURCHASE/SALE OF TREASURY BILLS
FSDH is a market maker in Treasury Bills. This infers that we are always able to buy or sell treasury bills from our customers.

Benefits:
The major advantage of selling Treasury Bills to FSDH rather than to the Central Bank of Nigeria (CBN) is that FSDH is likely to offer the seller a more attractive rate as a result of its market making abilities in this instrument.

PURCHASE OF TREASURY BILLS FROM THE PRIMARY MARKET
We submit bids for treasury bills issued by the Central Bank of Nigeria (CBN) on behalf of our numerous clients at the CBN’s weekly auction. The CBN auction is held every Tuesday and the bills issued by the CBN have a 91-day tenor. The results are announced on the Thursday following the bid and the CBN issues physical bills 2 weeks after the announcement of auction results. These bills can either be retained in this form or converted to secondary market bills at the discount office of the CBN.
Charges
We charge a commission of 1/8% flat, on the face value of the treasury bills allotted to customers we represent.

PURCHASE OF TREASURY BILLS FROM THE OMO MARKET
We present bids on behalf of our various clients that wish to buy treasury bills through the market created by the CBN’s weekly open market operations (OMO). The CBN auction of these bills is held every Thursday and because these bills represent the bills that were previously underwritten by the CBN during previous primary auctions of treasury bills, they have varying tenors. The results of the auction are announced on the Friday following the bid. The CBN does not issue the physical bills traded in this market. However, these bills, referred to as ‘Book-Entry Bills’, are traded at the Discount Office of the CBN.

PURCHASE OF CBN CERTIFICATES
We present bids on the behalf our various clients that wish to buy CBN Certificates when the CBN decides to issue these instruments. The auction of CBN certificates is not based on any established pattern. However, the results of the bids are announced on the Monday immediately following the bid. Unlike Treasury Bills, CBN Certificates are not re-discountable at the CBN. 
First Securities Discount House Limited,


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First Securities Discount House Limited
Head Office: Niger House (6th floor), 1/5 Odunlami Street, P.M.B 12913, Lagos, Nigeria. E-mail: info@fsdhgroup.com  Phone: 234-1-2640160-9, 234-1-2640150-9, 234-1-2702880-2 (Dealing only) Fax: 234-1-2640173-4 Telex: 28453 FSDHNG	Abuja Office: Plot 990, 1st floor,  NAL Building, NAL Boulevard Opposite Leventis Close Central Business District Garki, Abuja Nigeria. E-mail: fsdh-abuja@fsdhgroup.com  Phone: 234-9-6700535 ,            234-9-2731170	Portharcourt Office: Afribank Building (2nd floor) 5 Trans Amadi Road, PortHarcourt., Nigeria. E-mail: fsdh-phc@fsdhgroup.com  Phone: 234-84-463308, 234-802-4081331 Fax: 234-84-463174