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.


Customs Destroy 1,583 Cartons Of Frozen Poultry Products, Vow To Cripple Smuggling

The Western Marine Command of the Nigeria Customs Service on Tuesday vowed to keep up the fight against smuggling of frozen poultry products, especially around Yekeme, near Badagry.

Controller in charge of the command, Yusuf Umar, said this while destroying 1,583 cartons of smuggled poultry products in Lagos.

He said the command had seized and destroyed 6,668 cartons of poultry products from July 7 to date when Operation Hawk Descend’ was established to fight the smuggling of the products.

Umar said customs would work to ensure that revenue leakages were plugged, just as it would work to protect the nation’s economy through its services.

He warned that smugglers must stop forthwith or be ready to face the wrath of the law.

“Those who engage in this act of smuggling of poultry products should desist, henceforth, because there is no hiding place for them as far as we are concerned…”

Read More: NAN