Lagos - As a result of the system failure of the Central of Bank of Nigeria’s settlement platforms on Thursday, over-the-counter deals worth about N200 billion in Nigeria’s fixed income market could not be completed.
The failure prevented dealers from concluding transactions in the federal government bonds and Treasury Bills (T-Bills), reports BusinessDay.
The failure, which came from the Scripless Securities Settlement System (S4) and Real-Time Gross Settlement (RTGS) platforms of the apex bank, costs dealers 65 percent in volume of transactions.
The system failure is coming barely six months after the CBN became the depository for both FGN bonds and Treasury Bills.
Read more at BusinessDay.
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