Nigeria Overnight Rate Hits 90 Pct, Nears Record High

 

 Nigeria overnight rate spiked to 90 percent , near record highs, up from 60 percent on Monday, dealers said, two days after the Central Bank of Nigeria (CBN) debited lenders to enforce its cash reserve requirements.

Rates have been rising sharply for two days — the overnight lending rate stood at 27 percent on Friday last week, before the CBN bank withdrew the funds.

Rates set a record high of 100 percent in February.

Traders said the open balance with the central bank stood at N26 billion as at Monday, down from around N160 billion last week.