Fixed income deals hang as CBN settlement system fails

Over-the-Counter deals  worth about N200 billion in Nigeria’s fixed income market became murky yesterday as dealers could not settle transactions in FGN bonds and Treasury Bills (T-Bills), BusinessDay has learnt.

The cause, it was further learnt, came from the Scripless Securities Settlement System (S4) and Real-Time Gross Settlement (RTGS) platforms of the Central Bank of Nigeria (CBN) which failed to work.

Analysts said the disappointing outing yesterday could have cost dealers 65 per cent in volume of transactions, expressing worries as it comes barely six months after the CBN became the depository for both FGN bonds and Treasury Bills. Continue Reading