October 19, 2016 / 2:35 PM / a year ago

Nigeria's overnight interbank rate falls to 20 percent after forex auction

LAGOS, Oct 19 (Reuters) - Nigeria’s overnight interbank rate crashed on Wednesday to around 20 percent from 150 percent after the central bank sold less hard currency than expected at a special auction, traders said.

“The central bank has released the result of the auction, but the amount sold fell short of market expectations,” one dealer said, without giving details.

The interbank rate fell after the auction as banks had now more surplus liquidity from funds not used to buy hard currency, dealers said. (Reporting by Oludare Mayowa; Editing by Ulf Laessing and Alison Williams)

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