According to reuters report, Nigeria’s overnight lending rates dropped by half to 3 percent on Friday.
The figures are down to near a three-month low following the Central Bank of Nigeria’s pay off on treasury bills, injecting liquidity into the Nigerian banking system.
According to analysts, a total of N197 billion in matured Open Market bills (OMO) was retired on Friday while the CBN did not issue new bills to mop up funds in an attempt to keep borrowing cost low.
Banking system credit opened at N189 billion on Friday before the cash flow hit the system, lifting the sector’s total cash balance with the apex bank to N386 billion.
![[JPM] Nigeria’s Interest Rates Dropped To A 3-Months Low](https://nairametrics.com/wp-content/uploads/2015/10/Googlewoman-falling4.jpg)
