Traders said the market opened on Friday with a cash balance of N9 billion, against a deficit of about N2.3 billion last week. The central bank repaid about 70 billion naira in matured bills on Thursday to boost liquidity.

Borrowing costs in Nigeria reflect liquidity in the money market, which tends to lead to lower or higher rates depending on the number of borrowers.

The central bank sold around $200 million at a currency intervention this week to clear a backlog of dollar demand on the official interbank market.