Interbank rate up at 10.50 percent after T-bill sale

Nigeria’s interbank lending rates inched up this week to an average of 10.50 percent on Friday, up from 10.37 percent last week after a treasury bill sale drained liquidity, dealers said.

The Central Bank of Nigeria (CBN) sold a combined N200 billion ($1.2 billion) worth of bills on Monday and Thursday this week, to manage excess liquidity. It also sold N114.39 billion  in treasury bills at a primary market auction.

The market opened with a cash balance of

Nigeria to raise N70.55 billion in T.bills on July 9

The Central Bank of Nigeria will raise N70.55 billion ($433.97 million) by issuing 3- and 6-months treasury bills at an auction on July 9, the regulator said on Friday.

The bank said it will raise N20.15 billion in the 3-month bill and N50.40 billion in the 6-month note, using the reverse, Dutch auction system. The auction results are

Foreign investors overlook security concerns, as Citi Bank to increase sale of Eurobonds in Nigeria

Foreign investors continue to buy Nigerian assets, undeterred by rising violence and security concerns. Omar Hafeez, CEO Citi Bank Nigeria cites $1.1 billion worth of Eurobonds it had traded for three local lenders so far this year as evidence.

However, Reuters reports that any spread of attacks further south or to the commercial hub of Lagos could begin to put off even established investors.

A violent insurgency in Nigeria has killed hundreds this year, with the abduction of more than 200 schoolgirls by Boko Haram making world headlines in April and overshadowing the country’s rise to overtake South Africa as the continent’s top economy.

Africa’s top oil producer also faces