Overnight inter-bank rates, which are the interest rates that deposit money banks charge for borrowing and lending short-term loans to each other, on Wednesday rose by 37.21 percent to 84.33 percent from 47.12 percent the previous day.
Also, the Inter-Bank Offered Rates (NIBOR) for one month tenure increased to 18.86 percent from 18.50 on Tuesday, representing 0.35 percent increase, according to data from FMDQ.
However, the 3 months and 6 months tenure rates declined slightly by 0.08 percent and 0.013 percent respectively, to 20.32 and 21.99 percent from 20.40 and 22.12 percent respectively the previous day.
Meanwhile, naira on Tuesday weakened against the US dollar across markets segment. At the inter-bank foreign exchange market, it felled slightly in value by N0.02k/$ or 0.01 percent to close at N199.13k/$ compared to N199.11k/$ the previous day.
The nation’s currency on Tuesday lost N2.00k or 0.96 percent each at the Bureau De Change segment and parallel market.
After trading on Tuesday, the local currency closed at N210/$ as against N208 traded the previous day at the BDC segment, while it closed at N212/$ on Tuesday from 210 the previous day at the parallel market.
Source : BusinessDay