The Nigerian inter-bank lending rates ended the week unchanged at an average of 11.33 percent, as maturing treasury bills and anticipated flows of public funds kept the market from tightening.
The central bank repaid about N160 billion ($990 million) on Thursday in matured open market operation debt notes, swelling liquidity.
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“The cost of borrowing in the market had gone to an average of 14 percent for overnight in the week because of shortage of funds, but dropped on Friday after the cash flow from matured bills and expectation of budget allocation”, one dealer said.
Dealers said the market opened with a cash balance of about N76.65 billion on Friday, compared with N136 billion a week earlier.
The secured Open Buy Back (OBB) was unchanged at 11 percent, 100 basis points lower than the central bank’s benchmark interest rate.
