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Farooq

Posts Tagged "interbank rates"

HomePosts Tagged "interbank rates"

A weak naira and stubborn inflation may prevent Nigeria’s central bank from following South Africa and Ghana in cutting interest rates. Only two of 19 economists in a Bloomberg survey predicted the Monetary Policy Committee will cut borrowing costs on Tuesday. The rest said the key rate will stay at 14 percent, where it’s been […]

LAGOS, July 14 (Reuters) – Nigeria’s interbank lending rate rose to 12 percent on Friday from eight percent after bond and treasury bill purchases paid for by lenders drained banking system liquidity, traders said. The central bank sold 25 billion naira ($82 million) worth of 363-day treasury bills on Friday, while lenders paid for bonds […]

By Oludare Mayowa LAGOS, July 13 (Reuters) – Nigeria sold 10 and 20-year bonds denominated in the local currency at 16.25 percent, the same as the inflation rate, at an auction on Wednesday, auction data showed on Thursday. Nigeria’s annual inflation eased for the fourth straight month in May to 16.25 percent from 17.24 percent […]

  • CBN

By Oludare Mayowa LAGOS, June 23 (Reuters) – Nigeria’s interbank rate eased to around eight percent on Friday from 15 percent last week after the central bank repaid 152.6 billion naira ($500.57 million) in matured debt and paid refunds to banks for their forex cash provisions. Traders said they expect a further drop in the […]

BY Obinna Chima The overnight lending rate dropped to 26 per cent on Friday, from 65 per cent a day earlier after the Central Bank of Nigeria (CBN) refunded excess naira offered in an earlier dollar sale to commercial lenders, injecting liquidity back into the money market. Traders said that a cash squeeze on the […]

LAGOS May 10 (Reuters) – Nigeria’s central bank plans to sell 35 billion naira ($111.29 million) in short-dated treasury bills as part of efforts to soak up liquidity from the banking system and support the local currency, traders said on Wednesday. The bank will sell 5 billion naira of the 190-day open market operations (OMO) […]

Nigeria’s interbank lending rate climbed by around 20 percentage points at the weekend after the Central Bank of Nigeria’s (CBN’s) sale of dollar forwards to offset a backlog of forex obligations drained cash from the money market. The overnight lending rate stood at 50 per cent against 29.33 per cent the previous day because commercial […]

LAGOS, April 13 (Reuters) – Nigerian interbank lending rates rose sharply by around 100 percentage points on Thursday, as commercial lenders scrambled for cash to pay for bond purchases and cover their positions, traders said. Overnight lending rates rose to around 300 percent from 200 percent at the end of Wednesday, as naira liquidity dried […]

By Chijioke Ohuocha LAGOS, April 13 (Reuters) – Nigeria’s central bank has increased the limit on banks’ foreign currency borrowings to 125 percent of shareholders’ fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a circular seen by Reuters. The new regulation replaces a 2014 rule […]

  • CBN

LAGOS, March 24 (Reuters) – Nigeria’s overnight lending rate rose as high as 100 percent this week after the central bank withdrew naira liquidity to offset dollar purchases, but it fell sharply on Friday as the government disbursed budget funds through the banking system. Overnight rates fell to 10 percent on Friday after the government […]