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Home Business News Politics

Banks Lend Money To Each Other For A Record High 80% On Tuesday

Nairametrics by Nairametrics
December 16, 2014
in Politics
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  • Nigeria’s interbank overnight lending rate spiked to 80% today following a drop in liquidity
  • The NNPC withdrew more cash from the banking system today in line with the CBN monetary policy instructions
  • Most banks were hit hard and had no choice but to borrow from other banks attracting punitive interest rates.
  • Today increase is an additional 20% from the 60% closed last week
  • The cost of borrowing among banks has oscillated between a high of 70 percent and a low of 14 percent since last month, when the central bank hiked the cash reserve requirement (CRR)on private sector deposits with commercial lenders to 20 percent from 15 percent.
  • The Interbank rate is the rate at which banks lend to each over night. The 80% is per annum so you will have to divide that by 365 to get how much interest rate the banks will pay per day.
  • Press

 

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Nairametrics

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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