Business
Interbank rate hit 13% as glitches hit CBN
Nigeria’s overnight interbank lending rate rose to 13 percent on Friday from 10 percent as some commercial banks were unable to access credit lines due to technical problems at the central bank system, traders said.
“We have been trading blind as we have not been able to access our credit balance with the central bank as a result of glitches since Oct. 25,” one dealer told Reuters.
Traders said the bank had sold open market operations (OMO) treasury bills worth 117.83 billion naira on Thursday to take out excess liquidity.
The central bank also recalled around 39 billion naira to meet cash reserves requirements for commercial lenders.
The central bank also sold around $330 million in 60-day forwards to clear a backlog of foreign exchange demand from manufacturing firms on Tuesday.
“We expect rate to trend up slightly next week as market liquidity gradually dries up,” another dealer said.
The naira closed at 470 to the dollar on the black market, same level since last week, and traded at 305 a dollar on the official market.
-
Football6 days agoWAFCON 2026: Super Falcons battle South Africa for World Cup play-off spot
-
Latest1 week agoMessi reportedly faced multiple bomb threats during 2026 World Cup
-
Latest6 days agoOsun 2026: Oyinlola group backs Oyebamiji, faults Adeleke over exclusion
-
Business4 days agoBigi, Fearless take campus engagement to new level, reach 20 tertiary institutions
-
Featured1 week agoOsun Governorship Election: Adeleke faces tough test as APC, ADC mount challenge
-
Latest1 week agoNFF denies calling for Infantino’s resignation
-
Football3 days agoSuper Falcons target World Cup play-off spot against South Africa
-
Business3 days agoOPay transactions surge 115% to $358bn as Fintech eyes $4bn US IPO