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.
more recommended stories
Nigeria’s Manufacturing PMI Sustains Faster Growth Rate in May
By Dipo Olowookere The Central Bank.
NSE Bars Stockbrokers, Others from Capital Market for Fraud
By Dipo Olowookere No fewer than.
N8.7bn Financial Stocks Exchanged Hands in One Week
By Dipo Olowookere A total turnover.
MTN Nigeria Suffers First Loss at Stock Market
By Dipo Olowookere For the first.
Stockbrokers Institute Offers 31 Financial Journalists Scholarship
A total of 31 financial journalists.
ABCON Urges Members to Shun Gmail, Yahoo
Over 4,500 Licenced Bureau de Change.
How to Achieve Total Agric Transformation in Nigeria–Obasanjo
By Dipo Olowookere Former President Olusegun.
Naira Devalues by 0.03% at Interbank Despite Supply of $210m
By Dipo Olowookere The Nigerian Naira.