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: Naira currency
Overnight rate hits two-year high at 35%
Nigeria’s overnight lending rates soared by 10 percentage points to a more than two-year high of 35 per cent on Wednesday, dealers said, after the Central Bank of Nigeria squeezed liquidity to support the local naira currency. The naira closed at its firmest in two weeks, at N160.10 against the […]
