Interbank rate up 287 bps as CBN supports naira

 Nigeria’s overnight interbank lending rate spiked 287 basis points to 10.87 percent on Friday after the central bank mopped up liquidity via treasury bill sales to ward off pressure on the naira, dealers said.

The bank sold over 200 billion naira ($1.17 bln) worth of open market bills all through the week, curbing liquidity in the market, to drive up interbank rates.