First Bank withdraws application for treasury bills

First Bank of Nigeria hurriedly withdrew an application for N1.5 million Treasury Bill it submitted on behalf of Agro Allied Industries on order of the company last week.
Informed financial sources in Benin told The Republic that the company has applied for the treasury bills that was to be issued last Thursday.
The order which was passed through First Bank area office in Benin was sent to the Central Bank for necessary action. CBN had already allocated the amount tot he company through First Bank.
On a written application to the First Bank, the company last Wednesday asked for the cancellation of the amount as it withdrew its original application.
Meanwhile, the Central Bank had already entered the application and the amount on it into its computer input.
The new development is bound to upset the arrangement alredy made for the allocation of the treasury bills by the apex bank.
Informed financial sources also said that the allocation will go on as usual but would be cancelled out of the computer memory thereafter.