The Nigerian Overnight and Open Buy Back rates soared higher to 18.67% and 17.83% respectively from 10.17% and 9.50% following the debit for bond auction winnings and the announcement of yet another OMO auction by the CBN.
Meanwhile, the interbank exchange rate continues to hover around the 315.00 level, albeit with minimal liquidity.
Meanwhile in the global commodities market, oil headed for the first weekly decline in five weeks as record US stockpiles countered output cuts from OPEC and other producing nations.
Futures slipped 0.6% in New York and were down 1.5% for the week. US crude inventories increased last week to the highest level in data going back more than three decades, the Energy Information Administration reported on Wednesday.
Russian producers may trim output by more than 100,000 barrels a day this month, more than initially planned under the deal with OPEC.
