Banks and Financial institutions in Nigeria will stop the sale of treasury bills to individuals and small scale businesses/firms.
This is based on the directive issued by the central bank of Nigeria which is to take effect from the 29th of Novermber 2019.
The PUNCH gathered from bank officials that banks have started notifying customers of move of the Central Bank of Nigeria to place on restrictions on the sale of Treasury Bills.
Nevertheless, existing treasury bills will continue and be terminated at their maturity dates.
Quoting one of the bank officials, the report said;
“Operators are trying to see if the November 29 deadline given for the implementation by the CBN could be extended, so as to create enough awareness. But there is no move for the reversal of the directive.”
According to an operator, the restriction of treasury bills might boost banks savings deposit which however will attract interest rates below what treasury bills offered.
“We want these funds to be useful in the economy so that they will be available in the banks and can be invested to create more jobs in the country.”