Business
Average Interbank Rate Rises To 25.83%
The Nigerian Interbank Of
fer Rates (NIBOR) rose on Monday by an average of 25.83 per cent, up from the average of 23.58 per cent on Friday, September 13.
Reports say that the interbank rates reflect the short-term borrowing among commercial banks.
Data made available by the Financial Markets Dealers Association (FMDA) on Monday showed that the seven-day tenor rate rose to 24.13 per cent from 21.46 per cent on Friday.
The 30-day tenor rate inched up to 23.71 per cent from 20.71 per cent on Friday, while the 60-day tenor rate opened at 24.21 per cent from 21.10 per cent on Friday.
The 90-day tenor rate rose to 24.67 per cent to 21.38 per cent, while the 180-day tenor rate grew to 25 per cent from the previous rate of 21.88 per cent.
The 365-day tenor rate rose to 25.29 per cent from 21.63 per cent, while the Open Buy Back (OBB) jumped to 22.08 per cent from 25.08 per cent.
However, overnight placement and average deposit maintained the previous rates of 3.65 per cent and 2.64 per cent, respectively.
A trader, who pleaded anonymity, said that the rates could rise further in the week before the next Wholesale Dutch Auction System (WDAS).
The trader also said that the development could also mean an indication that the banks did not have enough liquidity from private sector deposits.
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FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
 
														“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
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