October 17, 2016 / 4:41 PM / 10 months ago

Nigerian overnight interbank lending rate spikes to record high

LAGOS, Oct 17 (Reuters) - Nigerian overnight interbank rate soared to a record high of 128 percent on Monday on naira cash shortages after the lenders funded their account with the central bank to participate in last Friday's currency forward auction, traders said.

Overnight rates opened at 100 percent on Monday, traders said, after the money market ended on Friday with no deals as commercial lenders held onto naira to be able to participate in the auction.

Overnight money traded at 14 percent on Thursday. (Reporting by Oludare Mayowa and Chijioke Ohuocha; Editing by Kevin Liffey)

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