Interbank Rates Doubles To 20% Following CBN Plans To Debit N568billion From Bank Accounts

Following the Monetary Policy Committee meeting yesterday, the CBN has informed banks that it will be debiting N568billion from the accounts. This is in line with the 5% increase in private sector CRR announced my the MPC. Reports suggest this has caused some panic in the banking sector as banks are now scrambling for deposits in view of the directive.

Overnight Interbank lending rate is said to have increased from 10.25% Tuesday to 20% Wednesday.