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: Lending Rate
Reps ask CBN to implement single-digit lending rate
The House of Representatives on Wednesday pushed for a single-digit benchmark lending rate in the country’s banking industry. It directed its Committee on Banking and Currency to engage the Central Bank of Nigeria on the matter with a view to implementing a single-digit lending rate. It said this would encourage […]
Increase in lending rate’ll dampen credit creation – Analysts
Experts have said the successive increase in the lending rate in 2012 by the Central Bank of Nigeria will dampen credit creation in the economy. The experts, who spoke with our correspondent on Thursday, said that the move by the MPC had increased the cost of borrowing, which was having […]
