Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,152,268 members, 7,815,446 topics. Date: Thursday, 02 May 2024 at 12:35 PM |
Nairaland Forum / Nairaland / General / Business / Interbank Rate Drops By 6.5% On Liquidity Injection (8564 Views)
Re: Difference Between Interbank Rate & Parallel Rate In A Simple English / Speculators Lose N100m As CBN Pumps Dollars Into Interbank / Naira Plunges At Interbank Market (2) (3) (4)
Interbank Rate Drops By 6.5% On Liquidity Injection by Yarnvibes(f): 7:46am On Jan 29, 2017 |
The nation’s interbank lending rate dropped by 6.5 per cent to five per cent on Friday, as the money market was awash with cash from budgetary disbursal and coupon payment on matured bonds. The interbank lending rate, also called the cost of borrowing among banks, had closed at 11.5 per cent last Friday due to a drop in liquidity in the market necessitated by bond and treasury bills sales. According to Reuters, traders said on Friday that around N400bn was injected into the banking system on Wednesday from the December budget allocations to states and local governments, while N49bn coupon on matured bonds was released by the Central Bank of Nigeria on Friday, boosting liquidity and forcing down the interbank rate. On Thursday, the CBN withdrew around N217bn through the sale of short-dated Open Market Operations bills in a bid to reduce the level of excess liquidity in the banking system, but market liquidity remains high. The balance in commercial banks’ accounts with the CBN stood at N254.46bn surplus on Friday, against N202.58bn the previous week. “We strongly believe that the central bank will conduct more OMO next week to take out the excess cash from the system,” one trader said, adding that expected dollar sales at a special forex auction could also help reduce the liquidity level and seen rate rising again. The naira was unchanged at 498 to the dollar on the parallel market and 305.25 a dollar on the official interbank window on Friday as the market awaited the result of a special forex auction targeted at selected sectors of the economy. The central bank had on Wednesday asked commercial lenders to submit backlog dollar demand from fuel importers, airlines, raw materials producers, and makers of agricultural chemicals and machinery for manufacturers. The stock market’s main index rose by 0.15 per cent to 26,328 points, the highest level since January 16, driven by gains in energy company, Oando, which was up by 4.05 per cent and local French Total tick up 4.9 per cent. Meanwhile, the CBN has asked banks to bid in a special currency auction to clear a backlog of dollar obligations that businesses owe. In a notice to commercial lenders, the CBN said it would hold a retail foreign exchange auction to sell two- to five-month dollar forwards. The amount of dollars to be sold was unspecified, according to traders. Last December, the CBN sold around $1bn on the forward market to clear a similar backlog of dollar obligations, in an effort to support production in the economy. http://www.kikiotolu.com/2017/01/interbank-rate-drops-by-65-on-liquidity.html Lalasticlala Mynd44 seun Dominique 1 Share
|
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by AntiWailer: 7:51am On Jan 29, 2017 |
It will get better. 1 Like |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by Barmmyshoes(f): 7:51am On Jan 29, 2017 |
Hmmmm.. Since when reccession done set in. Me no understand all these rates again. The only RATE wey i understand na the RATE to do quality and affordable footwears for my customers. RECCESSION cannot come and stop them from having nice footwears for themselves. Naija, He go better one day sha. || MY NAME IS MARIAM || AM A FEMALE SHOEMAKER || ''CLICK HERE TO CHECK MY FOOTWEAR DESIGNS'' 7 Likes 1 Share |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by veacea: 7:52am On Jan 29, 2017 |
Chei |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by hemartins(m): 7:53am On Jan 29, 2017 |
The CBN governor has done well now let's hope it is sustainable. |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by DropShot: 7:54am On Jan 29, 2017 |
Let's hope this can be sustained. Emefiele needs to up his game. 1 Like |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by adioolayi(m): 7:54am On Jan 29, 2017 |
Is any Economic theory working at all in Nigeria Seems all have been tried and it's all about trial and error results.... Good today, Bad tomorrow... Researchers need to develop or postulate new theories for stubborn market like Nigeria 4 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by engrdosmen01(m): 7:55am On Jan 29, 2017 |
Wetin concern me |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by Pearly255(f): 7:55am On Jan 29, 2017 |
Yep |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by PresidentAtiku(m): 7:56am On Jan 29, 2017 |
AntiWailer:zombie! Expect a bigger rise. Confused government 8 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by favourmic(m): 7:57am On Jan 29, 2017 |
Hope this is not a scam 1 Like |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by PresidentAtiku(m): 7:57am On Jan 29, 2017 |
DropShot:he can't do much as long as Buhari is president. It is a destiny thing. Hardship distribution 5 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by timilehing(m): 7:58am On Jan 29, 2017 |
Confused country 3 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by DropShot: 7:59am On Jan 29, 2017 |
[s] PresidentAtiku:[/s] What "much" did he do when the IB was in charge other than helping him to loot the treasury? I no blame him and you. Na Buhari wey no sack the guy since I blame. 8 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by usj(m): 8:00am On Jan 29, 2017 |
Yarnvibes: |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by davodyguy: 8:01am On Jan 29, 2017 |
I said it in one of my posts that for inflation to drop, all that needs to happen is the exchange rate to drop. How will it drop? When the FG can pump in more liquid dollars into the system, Bureau de change wicked operators will weep. If price of crude oil rise and more cash inflows into the country, exchange rate would be back to N200-$1 4 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by ipreach: 8:02am On Jan 29, 2017 |
New policy affecting every sector |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by registration(m): 8:02am On Jan 29, 2017 |
eh. Drops ? |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by permsec: 8:02am On Jan 29, 2017 |
Banks will borrow to themselves at a reasonable rate but will only borrow to its customers at an excruciating rates. God go judge una 3 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by PresidentAtiku(m): 8:03am On Jan 29, 2017 |
DropShot:eiya No one takes Buhari supporters serious anymore. Why should I? 7 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by kabrud: 8:04am On Jan 29, 2017 |
DropShot:The truth, the whole truth and nothing but the truth. Well said... |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by Eazybay(m): 8:05am On Jan 29, 2017 |
Men I remember 2014 when these figures meant nothing to d average Nigerian and some fanatics wea even shouting "who economy help".. Now we look forward thirstily towards budget passage, disbursement and bailout funds 4 relief.. Is $58pb too small 1 Like |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by davodyguy: 8:05am On Jan 29, 2017 |
PresidentAtiku: You're just talking nonsense. Emefiele is not a sound mind to handle CBN. Under GEJ, Sanusi did well on his own, without Jonathan teaching him what to do. Sanusi set up Amcon and implemented many reforms that positioned Nigeria on the right part. Emefiele knows nothing than help people loot 2 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by kabrud: 8:06am On Jan 29, 2017 |
PresidentAtiku: 1 Like
|
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by AntiWailer: 8:06am On Jan 29, 2017 |
PresidentAtiku: You can choose what you want. It can get worse for you so Atiku can become the local Govt chairman of your area cos he won't be President of Nigeria. 3 Likes 1 Share |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by PresidentAtiku(m): 8:07am On Jan 29, 2017 |
davodyguy:this kid! Shhhhhhhhhhhh 2 Likes |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by kabrud: 8:08am On Jan 29, 2017 |
davodyguy: Tell him
|
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by kabrud: 8:08am On Jan 29, 2017 |
PresidentAtiku:
|
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by PresidentAtiku(m): 8:08am On Jan 29, 2017 |
AntiWailer:remnant of Buharis rats... Kia kia kia 1 Like |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by henryhemon(m): 8:09am On Jan 29, 2017 |
davodyguy: You studied financial mgt? ? |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by alsudaes1(m): 8:09am On Jan 29, 2017 |
What's the effect of this on the price of commodities |
Re: Interbank Rate Drops By 6.5% On Liquidity Injection by davodyguy: 8:10am On Jan 29, 2017 |
PresidentAtiku: See this mumu. Can you counter what I said? |
Selling Price Of Catfish In Lagos? / Five South West Sates Owes 45% Of The Country's External Debt Stock by States. / Nnpc Cuts Production Cost To $23/barrel
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 38 |