Nigerian interbank lending rate spiked 7.75 percentage points on Wednesday to 18 percent for overnight placement ahead of the central bank’s withdrawal of around 750 billion naira ($5 bln) to enforce a new cash reserves rules on public sector deposits. Nigeria’s central bank two weeks ago raised cash reserve requirements […]
Tag: Central Bank
Nigeria Central Bank to Shift Reserves Into Yuan From Dollars
Nigeria’s central bank plans to shift some of its reserves into yuan from dollars as the Chinese currency takes a greater role in global trade, deputy central bank Governor Kingsley Moghalu said. The bank will increase the yuan’s share of reserves to as much as 7 percent from 2 percent, […]
Nigeria interbank rates ease on matured debt cash supply
Nigerian interbank lending rates eased to an average of 10.3 percent on Friday, compared with 10.5 percent the previous week, pressured by a surge in cash supply from matured debt notes. The central bank repaid about 419 billion naira ($2.62 billion) in special open market operation (OMO) debt notes on […]
