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Nigerian Overnight Lending Halves to 9.75%

Nairametrics by Nairametrics
November 22, 2014
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Nigeria’s overnight lending rate fell to 9.75 percent on Friday, from 18 percent at the previous close, after government monthly budget disbursals flowed into the banking system, dealers said.

Liquidity had dried up after pension funds snapped up bonds before an expected central bank ruling on naira cash reserve ratios on Tuesday that it hopes will tighten liquidity to support the currency. The naira has lost 10.5 percent this year.

Dealers said the government disbursed about 200 billion naira ($1 billion) in allocations on Friday, which increased liquidity and lowered what it costs banks to borrow. The central bank did not disclose lenders’ cash balances on Friday, dealers said, citing a highly liquid banking system.

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The Open Buy Back rate eased to 9.5 percent, from 10.75 percent last week, 2.5 percentage point below the central bank’s 12 percent benchmark rate.

Overnight placements traded lower at 10 percent, down 100 basis points compared with 11 percent last week.

Source| Reuters

 

Tags: CBN NigeriaNews Review
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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