Posted by News Express | 8 May 2016 | 1,920 times
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Traders say about 21.6 billion Naira in CRR was withdrawn from the banking system by the CBN on Thursday, pushing up the cost of borrowing among commercial lenders.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)
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