Treasury Single Account Freezes Interbank Market, Bank Transactions Frozen

Forum 8 years ago

Treasury Single Account Freezes Interbank Market, Bank Transactions Frozen

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 single account with the central bank, dealers said.


President Muhammadu Buhari has ordered that all revenues be paid into the “Treasury Single Account” from Tuesday, 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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