Overnight lending rate jumped to 78.5 per cent on Tuesday, up from 60 per cent on Monday, statistics from the FMDQ OTC showed

The increase came two days after the Central Bank of Nigeria debited banks about N72bn to enforce its Cash Reserve Requirements policy.

The development has triggered a surge in demand for funds on the interbank market, according to financial market dealers.

The CBN requires banks to set aside 75 per cent of public sector and 15 per cent of private sector deposits in cash in their respective accounts with the central bank.

Data from the FMDQ showed that overnight lending rate stood at 27 per cent on Friday before the CBN withdrew the funds.

Traders said that the liquidity shortage was compounded by lack of cash flow to the banking system because there were no Treasury bills maturing during the past week.

An analyst at Ecobank Nigeria, Mr. Kunle Ezun, said the increase in overnight lending rate was a reflection of the market, adding that the recent cash withdrawal by the CBN had led to liquidity squeeze in the market.

He, however, said the situation might change in coming days as payment for maturing treasury bills would pump liquidity into the market.

http://www.punchng.com/business/money/cash-shortage-hits-banks-overnight-lending-rate-jumps/

GEJ don finish our money ooooo . Remember hw he blasted trillion of dollars jst for political campaigns.

Anyway, buhari is here to squeeze d money out wher he hid it


O'boy na FP nd FTC sha , so na me God bless with this plot of land .

This Land belongs to me, 419 keep running


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The cash shortage is only temporary, Buhari is coming to stabilize world oil prices and print more Naira if needed.

asylum seekers and otueke bound denizens Don dey withdraw their money sharperly.

So?

Really?

Rubbish,

Y'all better be doing yourselves.

I wouldn't want story on my cash after all these hustling.

Aftermath of Billions of naira spent on political campaigns!

I am so happy and I am sharing recharge cards. Pls manage this MTN 1500▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒ Etisalat 1000▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒ Glo 1000▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒ Airtel 1000▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒ Please use a sharp object like broken bottle or knife for easy scratch on your screen. don't bother to thank me What are friends for?.GOD bless ur week!!

Hope we are not on a long thing?
However, I foresee a very bright future for our country's economy

Yepa

well, if i can still withdraw my money....no problem...

Uhmmmn.....

This is aftermath of election

As long as it affects gtbank arm happy

Go to politician's dem house, that's where the cash are

The post election largese (mostly in USD) are still stashed away waiting for things to calm down. Banks should forget T-bills. After May 29 cash go boku for market

Money don finish!

It is well !!!!

nowadays, money no dey loss, na shortage era things..

Make I go fix my money wasting in diamond bank

ok

i was here

Someone should pls explain in clear terms

Click like if u don't understand what they are saying like me, click share if you understand.



This people should interpret in pidgin english...




They should lemme know oo...if na to run go withdraw my money make I know!!!!

Hmmm

Them dey give me loan be4

Economists oya over to una...

am sure its temporary






Meanwhile are u having problems with your joystick size or having premature ejac?? Check my profile/signature

haywire1:


GEJ don finish our money ooooo ;



*

Pls just keep quiet.

Wao, Isn't this CHANGE?

na wa o! all them politicians wey de bury money for suckaway Abeg bring am out

What were you expecting? The politicians collected loans from the banks for campaigns and I believe many of the banks didn't ask for collaterals

I no undastand.can someone explain?