Nigerian cbank announces new investment instrument

Nigerian Central Bank announced on Feb. 8, 2001 a new long-tenor money market investment instrument to expand the West African country's financial market. The bank said in a statement the new instrument, known as "CBN Certificates", would be available in two tenors of 180 days and 360 days. Currently, the central bank uses treasury bills with tenor raging from 24 days to 90 days in moderating money supply to the economy.

"The introduction of the CBN Certificates is designed to further deepen t

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