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Overnight lending rate jumps in Nigeria

by ChemOrbis Editorial Team -
  • 17/04/2015 (13:42)
According to local media sources, overnight lending rates jumped to 78.5% from the previous 60% at the beginning of this week in Nigeria. The significant increase in rates occurred as a result of the Central Bank of Nigeria’s decision to withdraw 72 billion Naira ($361 million) in order to enforce its Cash Reserve Requirements policy.

The Central Bank of Nigeria asks banks to set aside 75% of public sector and 15% of private sector deposits in cash at the Central Bank.

However, some market players comment that the current situation may improve soon as a slate of maturing treasury bills will pump some liquidity into the market.
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