Nigeria's interbank lending rate climbed to 11.12 percent on Friday, compared with 10.50 percent last week, after a central bank open market operation (OMO) drained cash from the system.
Traders said the regulator sold OMO bills worth 415 billion naira ($2.6 billion), soaking up liquidity from banks and driving up lending rates.
Lenders have been unable to access their cash balances with the central bank for the third week, owing to a system glitch, meaning that banks have been dealing with their own cash flows rather than on sector-wide liquidity, traders said.
The open buy-back (OBB) rate climbed to 10.75 percent from 10.50 percent, 1.25 percentage points below the central bank's benchmark interest rate of 12 percent.
Overnight placements also rose to 11.50 percent, as against 10.50 percent last week.
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