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.

Credit: dailytimes