– The three-day public holiday declared by
the federal government due to the Eid el-Fitr
celebration came at a cost
– Nigeria lost N138billion in the process
– Experts say this is not ideal for an
economy inching closer to recession
Nigeria would have lost N138 billion by the
time activities resume today, July 8 after a
three day break due to the Eid el-Fitr holiday
declared by the federal government.
Acting Chief Imam of the National Mosque,
Abuja, Ibrahim Maqari leading Muslim
faithfuls in prayer to mark Eid el-Fitr
The reason for this is there were scheduled
treasury bills auction estimated at N94
billion, as well as N44 billion treasury bills
maturity for the week, which three-day break
have put off.
According to The Guardian, the monetary
policy measures were expected to put
liquidity into the system this week, with the
auction component helping to taper its
effect on money market rates.
Usually, treasury bills auctions and
maturities are executed between Tuesdays
and Thursdays, except for seeming special
interventions on Fridays.
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