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Inter-bank lending rates double as NNPC withdraws funds from banks

…market to remain illiquid for 8 days before FAAC release of funds The Nigerian Inter-Bank Offer Rate (NIBOR), the rate at which banks lend money amongst themselves at the inter-bank market, rose to unprecedented high on Tuesday after the Nigerian National Petroleum Corporation (NNPC) said it was withdrawing unspecified amount of money from the banking system. Dealers were piqued with the said withdrawal, knowing that the market will remain illiquid in the next eight days until the Federation ...
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Added July 06, 2010
from Businessday Nigeria