By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigerian (CBN) on Friday said it has withdrawn N300 billion from circulation to support the naira hit by falling oil prices, a Reuters report said.

According to the report, this is coming on the heels of Nigeria’s overnight rate spiked to 30 percent on Friday, up from 12 percent last week.

The report further affirmed the CBN which is trying to curb naira liquidity, last week hiked banks’ cash reserve ratio for holding private sector bank deposits to 20 percent, from 15 percent previously.

It said Nigeria’s Central bank also raised its benchmark interest rates by one percentage (1%) point to 13 percent and devalued the naira by 8 percent, as it sought to stem losses to its foreign reserves from defending the currency against weaker oil prices.