• Naira interbank rate trades flat on budget cash expectations

    Naira interbank rate trades flat on budget cash expectations

    Nigeria’s naira interbank lending rate closed around the 20 per cent level on Friday, a range it has traded all week because of low liquidity and the central bank’s cash withdrawal through treasury bills sales, traders said.

    The central bank sold 71.6 billion naira ($227.48 million) in 195-day open market operation (OMO) treasury bills at 18 percent on Friday to reduce liquidity in the banking system in its bid to support the naira.

    The local currency closed flat at 305 to the […]