According to a recent market report, the Nigeria’s overnight lending rates on Wednesday rose to 5.5 percent over liquidity in the system. The lending rates rose from a previous low of 1 percent as liquidity was mopped up.
Liquidity in the banking opened at N385 billion ($1.93 billion) from a high of N1 trillion it opened last week forcing lending rates to rise. This reduction resulted as injection by the Central Bank of Nigeria (CBN) lowered.
Liquidity shrunk on Wednesday after the CBN paid off currency purchases on behalf of customers and mopped up government funds from the system to dropped from N1 trillion to N385 billion.
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