Tuesday 28th March, 2017
Translate Language:::
Share

FMDQ quotes N35bn Access Bank commercial papers on its platform

FMDQ quotes N35bn Access Bank commercial papers on its platform

FMDQ OTC Securities Exchange on Thursday recorded another mile­stone with the quotation of N8.45 billion, N4.22 billion and N22.33 billion Access Bank of Nigeria Plc Commer­cial Papers (CPs) on its plat­form.
 
According to the News Agency of Nigeria (NAN) these CPs represent series 1, series 2 and series 3 under the bank’s N100 billion com­mercial paper issuance pro­gramme.
 
Commercial paper is an un­secured, short-term debt in­strument issued by a corpora­tion, typically for the financing of accounts receivable, inven­tories and meeting short-term liabilities.
 
Maturities on commercial paper rarely range longer than 270 days.
 
Speaking during the event in Lagos, Dr Albert Wigwe, Group Managing Director of Access Bank Plc said that the CPs would boost the bank’s li­quidity level and ensure en­hanced dividend to all stake­holders.
 
Wigwe said that liquidity was important and “the life wire of banking” noting that the bank would continue to maintain the best liquidity ra­tios in the industry.
 
He explained that the com­ing on board of Access Bank on the company’s platform would increase FMDQ activities.
 
“The coming of Access Bank will help to attract the interest of some international banks in FMDQ, especially those that have Nigerian parents,” Wig­we said.
 
Wigwe, who commend­ed the company for providing the needed liquidity to compa­nies, said that the bank would continue to top activities on the platform. (NAN).

SHARE ON: