The
Central Bank of Nigeria (CBN) on Wednesday advised banks it would drain a
combined N568 billion ($43 billion) from their accounts to meet the 500
basis-point hike in cash reserve requirements on private sector deposits with
lenders.
The
planned withdrawal triggered a scramble for funds in the interbank lending
market, where the cost of borrowing among banks almost doubled, dealers said.
The
overnight interbank borrowing rate closed at
