Overnight Rate Triples as Lenders see Lower Naira Liquidity

Nigeria's interbank overnight rate soared to 60 percent on Tuesday from 18 percent, as commercial lenders expected the central bank to debit them around 1.2 trillion naira to cover hard-currency purchases, traders to Reuters.

The central bank sold around $4 billion in spot and forward trades on the interbank market on Monday after floating the naira.