Nigerian overnight interbank lending rate hit record high

Nigerian overnight interbank rate spiked to a record high of 100 percent on Tuesday, up from 60 percent on Monday, on naira cash shortages after the lenders funded forex and bond purchases the previous day, dealers said.

The central bank has been tightening liquidity and intervening directly with dollar sales to commercial lenders to support the ailing naira, hit by falling oil prices. 

 

The naira fell to a record low of 199.95 against the dollar on Tuesday before the central bank intervened to try to halt the slide.