Nigeria’s interbank market frozen as banks comply with TSA
Nigerian banks made no bids on the interbank money market
on Tuesday as they awaited instructions on how to comply with a
directive to transfer government revenues into a Treasury Single Account
(TSA) with the Central Bank of Nigeria, dealers said.
President Muhammadu Buhari has ordered that all revenues be paid into the TSA from Tuesday, as part of a drive to fight graft.
“No trading is currently going on because no bank was
willing to put out quotes until there is a clearer direction with the
implementation of the Treasury Single Account (TSA),” one dealer said.
“The market is right now frozen, as no trading going on,” another trader said.
Nigerian banks made no bids on the interbank money market
on Tuesday as they awaited instructions on how to comply with a
directive to transfer government revenues into a Treasury Single Account
(TSA) with the Central Bank of Nigeria, dealers said.
President Muhammadu Buhari has ordered that all revenues be paid into the TSA from Tuesday, as part of a drive to fight graft.
“No trading is currently going on because no bank was
willing to put out quotes until there is a clearer direction with the
implementation of the Treasury Single Account (TSA),” one dealer said.
“The market is right now frozen, as no trading going on,” another trader said.
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