Tag Archives: Interbank Market

Nigeria’s Interbank Market Frozen As Banks Comply With TSA

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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

Naira Appreciates at Interbank Market

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The Naira, at the Interbank market, on Thursday gained 80 kobo to the dollar, the Central Bank of Nigeria (CBN) says.

The apex bank, in a statement in Lagos, said that the Naira closed at N185.50 from the N186.30 recorded on Wednesday. News reports that the appreciation may be due to regular intervention at the interbank and foreign exchange markets by CBN.

One of such measures included review upward of the Net Open Positions (NOP) of commercial banks’ shareholders’ fund from 0.1 per cent to 0.5 per cent.

The upward review is to increase liquidity at the interbank and foreign exchange markets. The Naira had been on the downward trend due to the drop in oil prices at the international market.

Credit: NAN