LAGOS Feb 5 (Reuters) - Nigeria's interbank rate eased on Friday to an average of 0.5 percent for overnight lending, down from to 1.25 last week, supported by ample naira liquidity.

The central bank injected around 240 billion naira ($1.21 billion) in matured open market operation (OMO) treasury bills and refunds on cash reserves to some banks on Thursday, boosting liquidity and forcing down the cost of borrowing among banks.

As of Wednesday, commercial lenders had a combined credit balance with the central bank of 312 billion naira, and liquidity was expected to rise further with the funds from the retired bill and refunds from the surplus cash deposited for forex purchases.

The secured Open Buy Back (OBB) also fell to 0.50 percent from 1 percent last week.

Nigeria's interbank rate mirrors the level of naira cash liquidity in the banking system.

"We see rates rising marginally early next week because anticipated sales of OMO bills by the central bank to mop up excess liquidity in the system," one dealer said. ($1 = 198.0000 naira) (Reporting by Oludare Mayowa, editing by Larry King)


http://af.reuters.com/article/nigeriaNews/idAFL8N15K35T

The Zoo is slowly killing itself

How much dem go share give me....

oluwalfa:
The Zoo is slowly killing itself

when the godz are already filled with IWEka road onitsha, GIno TOMATO (you) and MIlo TEA (me) should be able to decode via MYTv that the case of the zoo equals that of OSISIKANWU
in other words, via agara chaa must come back, the zoo must fall
my goodness me

The economy is in desperate need for some cash stimulus.

But too much of everything they say is a bad thing.

Buharinomics

Economist in the house, put me through. All economic index and their explanation de hard me to swallow.

Mugabe-Economics introduced in Nigeria as Buharinomics

It is definitely not looking goo for Nigeria, if our economic takes the Zimbabwe route

I don't know the wisdom in printing money when we are a net-importer as a Nation but time shall tell

oluwalfa:
The Zoo is slowly killing itself

first you said,devalue the naira,nau you saying another thing..why cant you people keep off nigerias matters??...

oluwalfa:


LAGOS Feb 5 (Reuters) - Nigeria's interbank rate eased on Friday to an average of 0.5 percent for overnight lending, down from to 1.25 last week, supported by ample naira liquidity.

The central bank injected around 240 billion naira ($1.21 billion) in matured open market operation (OMO) treasury bills and refunds on cash reserves to some banks on Thursday, boosting liquidity and forcing down the cost of borrowing among banks.

As of Wednesday, commercial lenders had a combined credit balance with the central bank of 312 billion naira, and liquidity was expected to rise further with the funds from the retired bill and refunds from the surplus cash deposited for forex purchases.

The secured Open Buy Back (OBB) also fell to 0.50 percent from 1 percent last week.

Nigeria's interbank rate mirrors the level of naira cash liquidity in the banking system.

"We see rates rising marginally early next week because anticipated sales of OMO bills by the central bank to mop up excess liquidity in the system," one dealer said. ($1 = 198.0000 naira) (Reporting by Oludare Mayowa, editing by Larry King)


http://af.reuters.com/article/nigeriaNews/idAFL8N15K35T

IF YOU ARE NOT A BIG ILLITERATE, THEN YOU SHOULD KNOW THE DIFFERENCE BETWEEN PRINTING MONEY AND OPEN MARKET OPERATIONS. GET A LIFE