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Nigeria overnight rate spikes after central bank curbs naira liquidity

LAGOS (Reuters) - Nigeria's overnight rate spiked to 30 percent on Friday, up from 12 percent last week, after the central bank withdrew around 300 billion naira ($1.7 bln) from the system as part of efforts to support the naira, hit by falling oil prices. The central bank, which is trying to curb naira liquidity, last week hiked banks' cash reserve ratio for holding private sector bank deposits ...
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Added December 05, 2014
from Yahoo Nigerian News