• Interbank Rates Soar As Naira Firms At Parallel Market

    Interbank Rates Soar As Naira Firms At Parallel Market

    According to reports, the interbank lending rates which is the rate at which banks lend amongst themselves soared to an all time high of 128 per cent from 70 per cent last week Friday after banks funded their accounts to participate in a currency forward, even as the value of the naira gained strength at the parallel market.

    The naira which sold around N460 to the dollar at the weekend closed yesterday stronger at N455, although bureau de change operators said […]