Nigeria overnight lending rate closes flat at 10 pct

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LAGOS, FEBRUARY 10, 2017 – 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.

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.

 

DCSL 90X780

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