Banks run out of naira to buy dollars as overnight interbank rate spikes to 300%

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The Nigerian interbank market offer rate spiked to 300 percent just before banks went on Easter break, as  the Central Bank’s Open Market Operations (OMO) and foreign exchange sales drained naira liquidity and pushed up the cost of money. Traders said that the inter bank plunged into a naira deficit of N160 billion, forcing some…

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Source: Business Day Online