>Nigerian interbank rates fall on budget release
Nigerian interbank
lending rates eased to 1.1 percent on average this week from 1.66
percent last week, after the release of large budgetary allocations to
government agencies raised liquidity in the system, traders said on
Friday.
The secured Open
Buy Back (OBB) dropped 45 basis points to 1.05 percent from 1.50
percent last week, 5 basis points above the Standing Deposit Facility
(SDF) rate and 4.95 percentage points below the 6 percent central bank
benchmark rate.
Overnight placement fell to 1.10 percent from 1.75 percent, while call eased to 1.15 percent from 1.75 percent previously.
Nigeria, last
Friday, announced the distribution of 704 billion naira from central
accounts to the three tiers of government – federal, state, and local –
for the month of July.
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