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Nigerian interbank rate rises to 8.5 percent

The overnight interbank rate climbed sharply on Friday to an average of 8.5 percent, 4.5 percentage points higher than last week’s close on payment for bond purchases and on Assets Management Company of Nigeria (AMCON) contributions.

According to Reuters’ report monitored by Business247, Nigeria’s commercial lenders in 2010 agreed to make available 0.3 percent of their assets each year for the next decade to a fund to cover any net deficits incurred by (AMCON).

Traders said the Central Bank of Nigeria (CBN) withdrew about 90 billion naira ($452.26 million) from the banking system on Friday for the Nigeria’s “bad bank” liability, which led to a drop in banking system liquidity and a spike in interbank rate.

Also, about 52.5 billion naira left the banking system to pay for bonds purchased in the week, which further depleted liquidity in the system, traders said.

Nigeria raised 52.5 billion naira in local currency denominated bonds where yields climbed across the board on paper maturing in 2036, 2026 and 2020 at an auction on Wednesday.

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  • I’m not sure exactly why but this site is loading incredibly slow for me. Is anyone else having this issue or is it a issue on my end? I’ll check back later and see if the problem still exists.

  • Today, I went to the beach front with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

  • Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You definitely know what youre talking about, why throw away your intelligence on just posting videos to your site when you could be giving us something informative to read?

  • First of all I would like to say excellent blog! I had a quick question in which I’d like to ask if you do not mind. I was curious to find out how you center yourself and clear your mind before writing. I have had a difficult time clearing my thoughts in getting my thoughts out there. I do take pleasure in writing but it just seems like the first 10 to 15 minutes are generally wasted simply just trying to figure out how to begin. Any recommendations or tips? Thank you!

  • Hey! I’m at work surfing around your blog from my new apple iphone! Just wanted to say I love reading your blog and look forward to all your posts! Carry on the outstanding work!

  • Hi there! This post could not be written any better! Reading this post reminds me of my good old room mate! He always kept talking about this. I will forward this page to him. Fairly certain he will have a good read. Thank you for sharing!

  • Hi! I realize this is sort of off-topic however I had to ask. Does running a well-established website like yours take a lot of work? I’m brand new to operating a blog however I do write in my diary everyday. I’d like to start a blog so I can share my own experience and views online. Please let me know if you have any kind of ideas or tips for new aspiring blog owners. Appreciate it!

  • Hey there! This post couldn’t be written any better! Reading through this post reminds me of my old room mate! He always kept talking about this. I will forward this page to him. Fairly certain he will have a good read. Thank you for sharing!

  • I’m not sure why but this weblog is loading extremely slow for me. Is anyone else having this issue or is it a issue on my end? I’ll check back later on and see if the problem still exists.

  • I am really enjoying the theme/design of your blog. Do you ever run into any browser compatibility problems? A few of my blog audience have complained about my site not operating correctly in Explorer but looks great in Firefox. Do you have any tips to help fix this problem?

  • I’m not sure why but this blog is loading incredibly slow for me. Is anyone else having this issue or is it a issue on my end? I’ll check back later on and see if the problem still exists.

  • Hey there! I know this is somewhat off topic but I was wondering if you knew where I could find a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having trouble finding one? Thanks a lot!

  • Great blog! Is your theme custom made or did you download it from somewhere? A design like yours with a few simple tweeks would really make my blog stand out. Please let me know where you got your theme. Thanks a lot

  • Hi there! Someone in my Myspace group shared this website with us so I came to give it a look. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers! Excellent blog and amazing design.

  • I was curious if you ever thought of changing the page layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two pictures. Maybe you could space it out better?

  • Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!

  • Hey! I just wanted to ask if you ever have any problems with hackers? My last blog (wordpress) was hacked and I ended up losing a few months of hard work due to no back up. Do you have any methods to stop hackers?

  • Hi there! I know this is kinda off topic but I’d figured I’d ask. Would you be interested in trading links or maybe guest authoring a blog article or vice-versa? My blog covers a lot of the same subjects as yours and I feel we could greatly benefit from each other. If you happen to be interested feel free to send me an e-mail. I look forward to hearing from you! Wonderful blog by the way!

  • I love your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you? Plz respond as I’m looking to design my own blog and would like to find out where u got this from. thanks a lot

  • Hey there! This is my first comment here so I just wanted to give a quick shout out and say I really enjoy reading through your blog posts. Can you recommend any other blogs/websites/forums that deal with the same topics? Thanks for your time!

  • Wow that was unusual. I just wrote an incredibly long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Anyhow, just wanted to say superb blog!

  • Howdy! I understand this is somewhat off-topic however I had to ask. Does operating a well-established website such as yours require a large amount of work? I’m brand new to blogging but I do write in my journal on a daily basis. I’d like to start a blog so I will be able to share my own experience and feelings online. Please let me know if you have any kind of suggestions or tips for brand new aspiring blog owners. Appreciate it!

  • It’s a shame you don’t have a donate button! I’d certainly donate to this brilliant blog! I suppose for now i’ll settle for book-marking and adding your RSS feed to my Google account. I look forward to new updates and will share this website with my Facebook group. Talk soon!

  • Yesterday, while I was at work, my cousin stole my apple ipad and tested to see if it can survive a 30 foot drop, just so she can be a youtube sensation. My iPad is now broken and she has 83 views. I know this is entirely off topic but I had to share it with someone!