Lagos - The Nigerian Interbank Offered Rates (NIBOR) increased slightly to an average of 11.77 percent on Tuesday, as against the 11.64 per cent recorded on Monday.
The increase was due to the withdrawals of money by banks to fund foreign exchange auction on Wednesday, April 9, reports BusinessDay.
According to dealers, the interbank market, which is a market for short-term borrowing among commercial banks recorded withdrawals than injection on Tuesday due to pre-funding for foreign exchange at Retail Dutch Auction System (RDAS).
Read more at BusinessDay.
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