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CBN stops treasury bills’ sale to individuals

The Central Bank of Nigeria has given a directive to banks and other financial institutions to stop the sale of treasury bills to individuals and small firms with effect from November 29.

Some bank officials said only big corporate organisations would be allowed to do treasury bills investments.

A bank official 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.”

An operator said the inaccessibility of treasury bills might lead to an increase in savings deposits of the banks, attracting interest rates below what the treasury bills offered.

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