Abuja - Banks were on Tuesday transferred an estimated N1.2 trillion of public sector funds to the Central Bank of Nigeria in compliance with the Federal Government directive on Treasury Single Account, Vanguard reports.
As the deadline for the implementation of the Treasury Single Account for MDAs closed on Tuesday, Nigerian banks were sorting out accounts of MDAs the CBN circulated among banks to identify which of the accounts was domiciled in their banks.
As a result, there was no trading between banks.
Also read: Buhari gives agencies deadline to switch to treasury single account
President Muhammadu Buhari had ordered that all revenues be paid into the “Treasury Single Account” (TSA) from yesterday, as part of a drive to fight corruption and aid transparency.
“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,” one dealer said.
Read more at Vanguard
- News 24