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Home Economy

Nigeria overnight lending rate closes flat at 10 pct

metro by metro
February 10, 2017
in Economy
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Lending rate climbs on tight liquidity
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Nigeria’s overnight lending rate closed unchanged from a week ago on Friday at 10 percent as naira liquidity on the money markets remained in surplus, traders said.

The market had a surplus of about 55.07 billion naira ($175.38 million) on Thursday, down from 467 billion naira last week.

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Lenders were debited about 1.2 billion naira to cover cash reserves requirements on Thursday by the central bank.

The market was expecting an inflow of about 297 billion naira from a repayment of maturing treasury bills next week, which should support rates at the current level, traders said.

The naira tested an all-time low of 506 on the currency black market on Friday, about 40 percent weaker than on the official market as individuals and small business sought scarce dollars.

 

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