L
LequteMan
Guest
Following the implementation of the Treasury Single Account, TSA, for MDAs in Nigeria, about N2tr has been moved to the CBN, The Nation reports.
As a result, most banks in the country have been hit by a cash shortage and most are laying off their workers.
Excerpt:
Deposit Money Banks (DMBs) have so far moved an estimated N2 trillion, out of the N3.5 trillion public sector funds in their vaults to the Central Bank of Nigeria (CBN), it was learnt yesterday.
This is in line with the Treasury Single Account (TSA) policy of the Federal Government, which is meant to improve transparency and accountability in the management of revenue.
A major money market operator said there had been no report of violations from the banks, except for some Ministries, Departments and Agencies (MDAs), where some are yet to comply with the TSA deadline which ended on Tuesday.
click here to read full story
As a result, most banks in the country have been hit by a cash shortage and most are laying off their workers.
Excerpt:
Deposit Money Banks (DMBs) have so far moved an estimated N2 trillion, out of the N3.5 trillion public sector funds in their vaults to the Central Bank of Nigeria (CBN), it was learnt yesterday.
This is in line with the Treasury Single Account (TSA) policy of the Federal Government, which is meant to improve transparency and accountability in the management of revenue.
A major money market operator said there had been no report of violations from the banks, except for some Ministries, Departments and Agencies (MDAs), where some are yet to comply with the TSA deadline which ended on Tuesday.
click here to read full story
