Skye Bank Issues N100 Billion Commercial Paper

NIGERIA'S next mega bank, Skye Bank has today signed an agreement with StanbicIBTC Bank and Financial Market Dealers Quotation System (FMDQ) to issue N100billion in commercial paper to increase its ability to do more transactions.

The first tranche of the transaction is in the size of N20b, which opens on March 23rd and closes on March 27th, 2015.

Speaking to newsmen on the transaction, Skye Bank GMD/CEO, Timothy Oguntayo, says Skye Bank is taking advantage of the Commercial Paper window to expand the number of instruments on its Balance Sheet.

According to him, the bank is driven "to take advantage of this programme to increase awareness of the availability of this innovative product in the market place and to help them acquire investments that are tradable without suffering penalty".

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