Nigeria's overnight interbank rate climbed sharply on Friday to an average of 8.5 percent, 4.5 percentage points higher than last week's close on payment for bond purchases and on AMCON contributions. Nigeria's commercial lenders in 2010 agreed to make available 0.3 percent of their assets each year for the next decade to a fund to cover any net deficits incurred by Assets Management Company of Nigeria (AMCON).
Nigeria raised 52.5 billion naira in local currency denominated bonds where yields climbed across the board on paper maturing in 2036, 2026 and 2020 at an auction on Wednesday.