The First City Monument Bank (FCMB) Limited has suspended the issuance of about N30bn commercial paper.
The suspension was disclosed in a letter signed by the company’s secretary, Mrs. Olufunmilayo Adedibu, directed to the Nigerian Stock Exchange and its shareholders on Monday, December 14, 2020.
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According to the letter, the suspension came as a result of the Treasury Bills auction of Wednesday, 9th December 2020, which distorted price discovery.
“FCMB Group Plc (“FCMB”) hereby notifies the Nigerian Stock Exchange (“NSE”) and its esteemed shareholders that the proposed Commercial Paper Issuance (“CP”) by one of its subsidiaries, First City Monument Bank Limited (the “Bank”) has been suspended.
This is as a result of the Nigerian Treasury Bills auction of Wednesday, 9th December 2020, which distorted price discovery.”