Nigerian interbank lending rates ended the week
unchanged at an average of 11.33 percent, as maturing treasury bills and
anticipated flows of public funds kept the market from tightening.
The central bank repaid
about 160 billion naira in matured open market operation debt notes, swelling
liquidity.
Dealers said the market
opened with a cash balance of about 76.65 billion naira on Friday, compared
with 136 billion naira a week earlier.
The secured Open Buy
back was unchanged at 11 percent, 100 basis points lower than the central
bank’s benchmark interest rate.
Traders said rates will
drop to around 10.25 percent for overnight next week by the time cash from the
May budget allocation to government agencies hits the market.
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