Nigeria's overnight interbank lending rate fell to 12 percent on Wednesday from the previous day's record high of 100 percent, after the central bank refunded naira to dealers who were unsuccessful at its dollar auction.
Dealers said a 30 billion naira budget allocation to some government agencies was also credited through the banking system, boosting liquidity.
Banks' balance with the central bank stood at a credit of 123 billion naira on Wednesday, from 52.3 billion naira in credit previous day.
The central bank has been tightening liquidity and intervening directly with dollar sales to commercial lenders to support the ailing naira, hit by falling oil prices.
Wednesday, 11 February 2015
Nigeria overnight rate falls from record highs on liquidity boost
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