Nigeria: Interest Rates Increase As Petroleum Corporation Recalls Fund

Inter-bank lending rates shot up to an average of 9.08 per cent last week, compared to 9.0 per cent traded the previous week as the Nigeria National Petroleum Corporation (NNPC) recalled a portion of its deposit with banks.

Dealers said the corporation recalled about N180b from some banks and it affected the level of liquidity in the market, and led to a marginal increase in rates.

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