Nigerian overnight interbank lending rates rose to 20 percent on Thursday after the central bank recalled some 400 billion naira ($2.02 billion) from the banking system to meet a new cash reserves ratio (CRR) on deposits, traders said.
Interbank rate hits 20 pct as banks meet new reserve rule - traders
Traders said the open buy-back (OBB) and overnight rate were quoted by banks at 20 percent
Traders said the open buy-back (OBB) and overnight rate were quoted by banks at 20 percent compared with 6.75 percent and 7.33 percent at the close on Wednesday due to banks scrambling for funds.
On Tuesday, Nigeria's central bank raised its benchmark interest rate from 11 to 12 percent, and the cash reserve ratio for commercial banks to 22.5 percent from 20 percent, to try to curb rising inflation.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Why our plane made emergency landing at Lagos airport, Air Peace clarifies
Over 75% of Katsina children are multidimensionally poor – UNICEF
PDP unveils 200-member campaign council for Ighodalo's guber election in Edo
Tinubu approves resumption of repair work on Third Mainland Bridge
Ondo Poll: Ganduje consoles Jimoh Ibrahim after crushing defeat in APC primary
FG to review recent price hike of DStv, GOtv packages amid public outcry
BREAKING: FG grants Air Peace right to commence Abuja-London flights - Keyamo
Deputy who dumped Akeredolu clinches PDP governorship ticket
Gov inaugurates 2nd phase of palliative distribution to poor Enugu residents
ADVERTISEMENT