By InvestAdvocate
Lagos (INVESTADVOCATE)-In it’s bid to change to multiple-bid auction system, the Central Bank of Nigeria (CBN) Friday appointed Deposit Money Banks and Discount Houses as Money Market Dealers.
This is contained in a Circular by the CBN and obtained by www.investadvocateng.com.
The Circular signed by Ukeje E.U, Director, Financial Markets Department of the CBN reads thus: “Following the adoption of a single-bid auction system, at the Open Market Operations (OMO) auctions by the Central Bank of Nigeria to replace the multiple-bid auction system, the Bank has reviewed the operational guidelines for the operation and appointment of Money Market Dealers.
Consequently, all Deposit Money Banks and Discount Houses are hereby appointed as Money Market dealers (MMDs), effective Monday May 28 2012.
All deposit Money Banks and Discount Houses are hereby requested to note and be guided accordinglyâ€ÂÂ.
