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Nigeria’s Overnight Lending Rate Closes Flat at 10%

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 N55.07 billion ($175.38 million) on Thursday, down from N467 billion last week.

Lenders were debited about N1.2 billion to cover cash reserves requirements on Thursday by the central bank.

The market was expecting an inflow of about N297 billion 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 N506 on the currency black market on Friday, about 40 percent weaker than on the official market as individuals and small business sought scarce dollars.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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