The overnight tenor of the Nigeria Interbank Offered Rate, NIBOR, on Wednesday, June 22,jumped to 68.50 per cent, higher than the 51 per cent on Tuesday, as it responded to the supply gap in the market.
This came as the Central Bank of Nigeria, CBN, opened a discount window for banks to meet their short-term dollar demands and avert a liquidity crisis in the interbank FX market.
In similar development, the open buy back, OBB, rate climbed to 63.33 per cent yesterday, higher than 45 per cent on Tuesday, June 21.
Also, data obtained from the FMDQ showed that on the forwards market, the 7-day value of the naira was N282.04/$1; the 14-day was N286.30 to a dollar; and the 1-month rate of the naira went for N291.70 to a dollar.
