Lending rate at Nigeria’s interbank on Friday rose to about 15% from the 5% recorded last week. This was after commercial lenders made payment for dollar and Treasury bill purchases, thereby bringing down liquidity, traders told Reuters.


“The interbank rate traded above the 40% level on Wednesday because of the treasury bill auction,” a trader said adding that the rates later fell after the Central Bank paid matured bills worth N65 billion ($188 million). According to the traders, the apex bank this week sold dollars twice, making the liquidity of the local currency drop. It also sold N25.67 billion ($74 million) in treasury bills, which further boosted borrowing costs.

However, traders expect borrowing costs to rise next week, as the central bank is likely to continue its forex interventions to stabilize the naira.

Since February, CBN has been selling dollars in a bid to manage liquidity shortfall and reduce the gap between the official and black market exchange rates for naira.


SOURCE: https://brandspurng.com/nigerias-interbank-lending-rate-rises-to-15-traders/

Just got a text that effective July 1, that my existing loan will attract 31.25% interest from the previous 24% in 2015. This is exclusive of the Monthly Advisory Fee and other charges. How can any business cope with this kind if rate?

Hmmmmm, na wah

which way na?

Nice one.

Nigeria is the only country in the world where banking is about inverse-intermediating.

Taking from the deficit and giving it to the surplus.


Only the rich benefit from banking.
The poor can't access loans.
But the big corporations are begged to come take loans.
This is a shame.

G

Kuku kill us

Meanwhile adeosun is talking about tax drive when a whole lot more companies are about to close shop cos of this new nonsense

Devils

are you serious of what you are saying, advisory fee is payable once is not monthly, but email me on anataala@yahoo.com for why forward on how your bank will paid your back your money with interest.

psucc:
Just got a text that effective July 1, that my existing loan will attract 31.25% interest from the previous 24% in 2015. This is exclusive of the Monthly Advisory Fee and other charges. How can any business cope with this kind if rate?

Bank rates is very high in Nigeria of recent .

it is well

lubaabu:
are you serious of what you are saying, advisory fee is payable once is not monthly, but email me on anataala@yahoo.com for why forward on how your bank will paid your back your money with interest.

I have same issue.

psucc:
Just got a text that effective July 1, that my existing loan will attract 31.25% interest from the previous 24% in 2015. This is exclusive of the Monthly Advisory Fee and other charges. How can any business cope with this kind if rate?

My Goodness!!!!

I blame buhari.

Which way...

Threads like this needs the input of intelligent minds. NwaAmaikpe is already here. Good.

when u go to put ur money in fixed deposit, the banks will be offering u a paltry 6% PA while lending out at cut throat interest rates. I think our banking system is also immensely responsible for stifling entrepreneural pursuits in this country. you might have a brilliant business idea, but the cost of funding that idea, would mean that the business will fail before it even kick starts. They r also responsible for fueling a cost push inflation which causes recession in an economy, because of their exorbitant interest rates.

psucc:
Just got a text that effective July 1, that my existing loan will attract 31.25% interest from the previous 24% in 2015. This is exclusive of the Monthly Advisory Fee and other charges. How can any business cope with this kind if rate?

What bank pls?