Interbank rates rise on cash shortage

Nigeria's interbank lending rates rose sharply this week to an average of 16.50 percent from 14.83 percent in the previous week mainly on the delayed release of some 300 billion naira of October's budget allocation. Traders said the market was also in deficit because the central bank aggressively drained the system of about 106.83 billion naira in the week.
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Added December 02, 2011
from Businessday Nigeria