Interbank Rate to decline following budget signing

Posted by News Express | 8 May 2016 | 1,920 times

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Interbank rate is expected to decline sharply in coming weeks following President Muhammadu Buhari’s assent of 2016 budget

The overnight rate rose marginally to an average of 3.5% on Friday from 3% last week following a decline in banking system liquidity

Traders say about 21.6 billion Naira in CRR was withdrawn from the banking system by the CBN on Thursday, pushing up the cost of borrowing among commercial lenders.

The liquidity level now stands at around 380.53 billion Naira, down from 454 billion Naira last week. (Channels TV)

Source: News Express

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