September 15, 2015/Reuters

Nigerian banks made no bids on the interbank money market on Tuesday as they awaited instructions on how to comply with a directive to transfer government revenues into a single account with the central bank, dealers said.

President Muhammadu Buhari has ordered that all revenues be paid into the “Treasury Single Account” from Tuesday, part of a drive to fight graft.

“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 (TSA),” one dealer said.

“The market is right now frozen, as no trading going on,” another trader said.