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Dollar purchases raise interbank rate to 14.5%

Overnight lending rate in the Nigerian money market has risen by 2.5 percent after the Central Bank debited banks for their debt purchases, draining liquidity in the system.

The overnight lending rate increased to 14.5 per cent on Friday, up from 12 per cent at the start of the week.

The Central Bank of Nigeria had debited bank accounts for cash payments for dollars and Treasury bills.

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The apex bank sold around $250m forwards at a special auction and an undisclosed amount at the spot market in its bid to improve dollar liquidity in support of the naira.

The sales drew liquidity out in the money market and pushed up interest rate.

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