Business
Nigerian Interbank Rates Jump On Cash Shortage
Nigeria’s interbank lending rates climbed this week to an average 15.33 per ent, up from 13 per cent last week, as treasury bill and bond sales soaked up cash liquidity.
The distribution of about 620.7 billion naira ($3.94 billion) of oil receipts to government agencies last week had boosted liquidity and reduced the cost of borrowing.
“The central bank had embarked on an aggressive liquidity mop-up since the release of budgetary allocations last week, and coupled with bond auctions and flow to foreign exchange purchases, the cost of borrowing has been on an uptrend,” one dealer said.
Africa’s top crude-oil exporter shares proceeds each month from oil sales held in a central account with its three tiers of government federal, state and local providing liquidity to the banking system.
But the central bank regularly sells treasury bills to mop up cash from the system as part of measures to control the impact of oil money on consumer prices and to reduce pressure on the exchange rate.
Trades said the market opened with a cash balance of about N7.9 billion on Friday, compared with N194 billion a week earlier.
The secured Open Buy Back rose to 14.75 per cent from 12.50 per cent last week, 275 basis points above the central bank’s 12 per cent benchmark rate, and 4.75 percentage points above the Standing Deposit Facility rate.
Overnight placement jumped to 15.50 per cent, compared with 13 per cent, while call money traded closed at 15.75 per cent against 13.50 per cent last week.
“In as much as there is no major liquidity flow, rates will continue to hover around the present range or inch up a little,” another trader said.
Nigeria sold N100 billion bonds maturing in 2019 and 2022 this week, and over N100 billion in treasury bills.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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