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Average interbank rate dips to 10.5%

21 January 2014, 14:36

 Lagos - The Nigeria Interbank Offered Rates (NIBOR) on Monday dipped to 10.5 percent from an average of 10.58 percent on Friday.

The interbank rates reflect the short-term borrowing rates among commercial banks.

Available data from the Financial Markets Dealers Quotations (FMDQ) showed that the seven-day, 30-day and 60-day tenor rates stood at 10.83 percent, 11.08 percent and 11.38 percent, respectively.

The 90-day, 180-day and 365-day tenor rates are also stable at 11.67 percent, 12 percent and 12.38 per cent, respectively since January 17.

The Open Buy Back (OBB) rate opened at 10.25 percent on Monday from 10.23 per cent on Friday, while overnight placement jumped to 10.25 percent from the previous rates of 10.46 percent.

A trader, who pleaded anonymity, said that the rates could fall further in the week before the next retailed Dutch Auction System (RDAS).

The trader said also that the development could also mean an indication that the banks did not have enough liquidity from private sector deposits.

-    NAN

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