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).