CBN seen rescinding plans to control fixed-income market as Nigeria reviews move — Bloomberg
Nigeria’s plan to allow the Central Bank of Nigeria (CBN) to take over the nation’s fixed-income market is under review by key government agencies and is likely to be withdrawn, Bloomberg reported, citing a person familiar with the discussions.
According to the report, the finance ministry, the Securities and Exchange Commission (SEC), and the CBN are currently reviewing a proposal that would have enabled the monetary authority to assume control of the trading platform and settlement process for fixed-income and foreign-exchange transactions from November.
The proposal, which was recently announced by the central bank, is now expected to be withdrawn within a month as existing laws do not permit such a transfer, the person said, asking not to be identified because the discussions are private. The CBN had earlier justified the plan as part of efforts to enhance transparency and efficiency in market operations.
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At present, most bonds and other fixed-income instruments in Nigeria are traded on FMDQ OTC Plc, using a platform provided by Bloomberg LP, the parent company of Bloomberg News. The Nigerian Exchange Limited (NGX) also facilitates trading in fixed-income securities.Related News
According to Bloomberg, the CBN, the SEC, and FMDQ did not respond to requests for comment, while a spokesman for the NGX confirmed that fixed-income trading continues as usual on its platform.
