Nigerian interbank rates spike as central bank plans cash withdrawal

April 10, 2015 2:30 PM

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LAGOS, April 10 (Reuters) - Nigeria's overnight lending rates rose sharply on Friday to 27 percent from 10.25 percent last week following a scramble for funds as lenders sought to meet a central bank cash reserve requirement.

The central bank was expected to withdraw about 72 billion naira ($362 million) from commercial lenders to enforce its cash reserves requirements (CRR) on April 16, triggering a surge in demand for funds on the interbank market.

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