N1.2 TRILLION MOVED TO CBN TO CONFORM WITH TREASURY SINGLE ACCOUNT(TSA)

Banks in Nigeria suspended trading as they all raced to be compliant with the directives to move to Transaction single account (TSA).
A total value of N1.2 trillion was on Tuesday transferred to the Cental Bank of Nigeria (CBN) in conformity with the directive, banks have been busy sorting out the accounts of MDAs to determine which of their accounts were domiciled in their branches.
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.