October 18, 2016 / 3:46 PM / a year ago

Nigeria overnight lending rate at record high on tight liquidity

LAGOS, Oct 18 (Reuters) - Nigeria’s overnight interbank rate was quoted at a record high of 150 percent on Tuesday, two days after lenders placed funds with the central bank to participate in last Friday’s currency forward auction, traders said.

They said few deals were done on Tuesday due to a shortage of naira on the money market, with lenders loath to place funds until the result of Friday’s currency auction was published. (Reporting by Oludare Mayowa and Chijioke Ohuocha; editing by Mark Heinrich)

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